Payments Landscape Review
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Detail of outcome
The publication of the Payments Landscape Review: Response to the Call for Evidence concludes the government’s review of the payments landscape. The Treasury plans to take forward the proposed areas of focus with the regulatory authorities, other government departments and industry.
Consultation Response
The government has published its response to the 2020 Payments Landscape Review: Call for Evidence, having received 68 responses to the Call for Evidence from a broad range of respondents across the sector and wider economy. The responses highlighted the UK’s position at the forefront of supporting innovation and technology in payments, and in delivering an effective regulatory regime.
In its response, the government sets out its vision for a payments sector at the forefront of technology, ensuring consumer protection and choice, operational resilience, competition, and harnessing innovation.
In order to deliver on this vision, the government identified four priority areas and actions for government, regulators and industry, including:
- strengthening consumer protections within Faster Payments
- unlocking the future of Open Banking enabled payments
- enhancing cross-border payments, and
- future-proofing the regulatory and legislative framework that governs payments
Original consultation
Consultation description
In light of rapid developments within the payments sector, HM Treasury led a Payments Landscape Review.
Its initial 2020 Call for Evidence set out the government’s aims for payments networks in the UK, made a high-level assessment of how well the present system is delivering against the government’s aims and asked questions about the opportunities, gaps and risks needing to be addressed in order to ensure that the UK maintains its status as a country at the cutting edge of payments technology.
Documents
Last updated 11 October 2021 + show all updates
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updated with consultation response
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First published.