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bank of england payment systems consultation September 28, 2009

Posted by Bradley in : financial regulation , trackback

The Bank of England, exercising its functions with respect to payment systems under the Banking Act 2009, seeks comments (by October 30th) on its draft principles for recognised payment systems. The principles are pretty broadly drafted so it’s not very clear what they require. The Bank proposes to let system operators know what is required of them and to engage in regular risk reviews of payment systems. I’m not sure how reassured (or otherwise) to be about the statement that:

The Bank aims to follow a fair, reasonable and transparent process in the exercise of its powers, taking account of all relevant considerations.


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