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Stakeholders & Regulatory Regime
Faster Payments is recognised by HM Treasury under Part 5 of the Banking Act (2009) as a systemically important FMI, and as such is overseen by the Bank of England.
Payment Systems Regulator and Payments Strategy Forum
Faster Payments Scheme Limited is regulated as the Payment System Operator (PSO) of the Faster Payments Service, by the Payment Systems Regulator.
The Payments Strategy Forum (PSF) was created by the Payment Systems Regulator (PSR) in its March 2015 Policy Statement to lead on a process to identify, prioritise and help to deliver initiatives where it is necessary for the payments industry to work together to promote collaborative innovation.
Faster Payments responded to the PSF’s draft strategy, ‘Being responsive to user needs’, in September 2016. You can download FPSL’s response here:
- Faster Payments Scheme Limited response to the Payment Strategy Forum’s draft strategy (Letter, 13 September 2016).
- Being Responsive to User Needs | Consultation Response Template - Faster Payments response (Questionnaire, 13 September 2016).
In April 2014, FPSL formally responded to the Payment Systems Regulation Call For Inputs consultation.
FPSL has also responded to PSR Consultation Paper – A new regulatory framework for payment systems in the UK (CP14/1). You can view the FPSL response here.
Faster Payments is recognised by HM Treasury under the Banking Act as a systemically important FMI, and as such is overseen by the Bank of England.
In recognition of this systemic importance, Faster Payments conducts, and publishes, an annual self-assessment in line with the principles of the Technical Committee of the International Organization of Securities Commissions (CPMI-IOSCO - Disclosure). Click here to subscribe.
CPMI-IOSCO Principles for FMI’s were published in April 2012 by the Committee on Payment and Settlement Systems. The standards are designed to ensure that the infrastructure supporting global financial markets are robust and well placed to withstand financial shocks.