FCA committee provides context for retail payments consultation
The Payments Vision Delivery Committee (PVDC), including the FCA, has published supporting context for the Bank of England's consultation on future retail payments infrastructure. This context addresses the commercial model, consumer protection, and the fight against financial crime.
Guiding the payments evolution
The Retail Payments Infrastructure Board (RPIB), chaired by the Bank of England, recently launched a consultation on the design of the future retail payments infrastructure.
In support of this, the Payments Vision Delivery Committee (PVDC), which includes representatives from HM Treasury, the FCA, Bank of England, and the PSR, has released additional context for stakeholders.
This supplementary information delves into crucial aspects such as the operational framework for the new infrastructure's commercial model and strategies to bolster consumer protection and combat financial crime within the evolving payments ecosystem.
The PVDC's input aims to provide a comprehensive understanding for those engaging with the RPIB's broader consultation document.
The National Payments Vision
Both the PVDC and RPIB were established to advance the government's overarching National Payments Vision.
This vision aims to create a trusted, world-leading payments ecosystem built on next-generation technology, ensuring that consumers and businesses benefit from a diverse choice of payment methods tailored to their specific needs.
The RPIB translates the strategic vision set by the PVDC into concrete design principles, engaging with the wider payments ecosystem.
The PVDC ensures coordination among regulators and facilitates prioritization decisions for key initiatives.
A coordinated regulatory push
This update highlights the ongoing, multi-agency effort to modernize the UK's retail payments landscape, ensuring a holistic approach to innovation and risk.
The collaborative structure of PVDC and RPIB is crucial for aligning diverse regulatory perspectives and driving coherent progress.
These foundational documents are vital for shaping a secure and efficient future for all payment users.