Payment Systems Regulator

Treasury written question – answered on 14th January 2014.

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Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury)

To ask the Chancellor of the Exchequer

(1) what consideration he has given to rolling the scheme companies into a single payment scheme following the establishment of the payment systems regulator in 2015; and if he will make a statement;

(2) what assessment he has made of the role and purpose of the scheme companies following the establishment of the payment systems regulator in 2015; and if he will make a statement.

Photo of Sajid Javid Sajid Javid The Financial Secretary to the Treasury

The Government have legislated for a new competition-focused, utility-style regulator for payment systems in the UK.

The Government have committed that the payment systems regulator will examine the question of payment systems ownership as a priority once it is operational. The regulator will be equipped with a range of powers, including a power (exercisable subject to Treasury consent) to require the disposal of an interest in the operator of a payment system, in whole or in part. The option of rolling the scheme companies into a single payment scheme would be open to the regulator, if it decided that this was appropriate.

The Government have committed that the payment systems regulator will report on the ownership of payment systems once it is established. This is likely to involve an assessment of the role and purpose of the scheme companies.

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