On 13 January 2023, HM Treasury (HMT) published its Payment Services Regulations Review and Call for Evidence.
The publication fulfils the government's statutory obligation in relation to reviewing the UK's Payment Services Regulations. The government finds that whilst the payment services regulations have fostered a strong, innovative and competitive payment sector, the regulations have not gone far enough in isolation. The government cites "the pace of market change" and the need to ensure regulation "keeps pace with market developments."
Alongside its Review, the government has launched a Call for Evidence on how UK payments regulation should evolve to meet the government's aims and address the specific challenges highlighted in the review. The government welcomes "concrete reflections" on areas such as rationalising and/or removing the distinctions in regulation between payment and electronic money institutions - in effect, combining the two sets of legislation. The consultation questions also cover the definitions and scope of regulated activities, exclusions under the Payment Services Regulations 2017 and Electronic Money Regulations 2011, and the regulatory treatment of payment services and e-money, among other areas.
The Call for Evidence closes at 11:59pm on 7 April 2023
Payment Services Regulations Review and Call for Evidence - GOV.UK (www.gov.uk)