The relevant consultation, which ran from 28 July 2020 to 20 October 2020, sought views from across the sector to be used to guide the Payments Landscape Review. Responses highlighted the UK’s leadership in delivering an effective regulatory regime, and supporting innovation and technology in relation to payments.
The government’s response focusses on its vision for a payments sector which is at the forefront of technology, in a way that promotes consumer protection and choice, operational resilience, competition, and innovation. To achieve these objectives, the government has identified specific areas of priority and action for itself, which include unlocking Open Banking enabled payments in a safe and secure manner, and enhancing cross-border payments.
The government also wants to ensure that it future-proofs the legislative and regulatory framework in a way that promotes innovation at the same time as safeguarding consumer protection.