On 21 July 2022,  HM Treasury issued a consultation and call for evidence to explore reforms to the systemic payments perimeter under the supervision of the Bank of England (BoE). It sets out why now is the time to review the applicability of the BoE’s existing regulatory perimeter over payment systems, the Government’s principles in approaching any reforms, and potential adjustments to the framework of the Banking Act 2009.

The consultation also outlines the Government’s considerations as to how the payments regulatory framework fits with the outcomes of the Future Regulatory Framework Review. It also seeks views on exploring the scope of application of a Senior Managers & Certification Regime for the regulation of payments; and finally, changes to the current regulatory framework of the Payment Systems Regulator, as set out in the Financial Services (Banking Reform) Act 2013.

The deadline for responding to the consultation and call for evidence is 11 October 2022.