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 what enforcement powers the payment systems regulator will be able to use when it becomes operational 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 Financial Services (Banking Reform) Act 2013 sets out that the payment systems regulator will have enforcement powers to publish details of compliance failure and impose financial penalties in respect of a compliance failure. It will also have a power to require owners of payment systems to dispose of their interests in them—subject to the satisfaction of certain pre-conditions and subject to HM Treasury approval. The payment systems regulator will also have Competition Act 1998 enforcement powers.

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