Reform of the UK payments industry hits the statute book

The UK's Financial Services (Banking Reform) Act 2013, which introduces a utility-style regulator for the payments sector, finally received Royal Assent on 18 December 2013.

Introduction

The UK's Financial Services (Banking Reform) Act 2013, which introduces a utility-style regulator for the payments sector, finally received Royal Assent  on 18 December 2013. The new regime presents some major challenges for the established payments industry, but offers the prospect of easier access for smaller players and new entrants to payment systems and could herald a new level of intervention in the way that payment systems operate.

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