Independent review of the Payment and Electronic Money Institution Insolvency Regulations 2021
HM Treasury launched a review in 2024 of the Payment and Electronic Money Institution Insolvency Regulations 2021. Adam Plainer concluded this review in 2025 and his report is found below.
Documents
Details
The Payment and Electronic Money Institution Insolvency Regulations 2021 introduced a new Payment and Electronic Money Special Administration Regime (PESAR). The PESAR was introduced in response to lengthy administration cases of payment and electronic money firms which caused delays for customers in accessing their funds. The regime introduced new statutory objectives for administrators of these firms, including the objective to return customer funds as soon as practicable.
On 12 December 2024, as required by statute, the Treasury appointed insolvency law expert Adam Plainer to lead the Independent Review of the PESAR. The purpose of this review was to consider how far the PESAR is achieving its intended objectives as set out in the Payment and Electronic Money Institution Insolvency Regulations 2021 and the Banking Act 2009.
Adam Plainer has now concluded this Independent Review, following engagement with government, regulators and industry, and his findings and recommendation can be found in the report published above. The Treasury is grateful to Adam Plainer for carrying out the review. The Treasury will now consider the findings and recommendations carefully and set out its response in due course.
Updates to this page
-
This page was updated on 16 December 2025 to include a link to, and description of, the Independent Reviewer’s report which this page had previously noted would be produced.
-
First published.