Helping Shape UK Regulation
iceCUBED is Helping to Shape UK Regulation
HM Treasury in the UK launched a consultation setting out proposals for a new system of competition-focused regulation for payment systems.
The outcome of the consultation was that the Financial Conduct Authority (FCA) will now establish a new regulator for payment systems in the UK.
The new ‘Payments Systems Regulator’ or ‘PSR’, will be incorporated as a subsidiary of the FCA by April 2014, and will be fully operational in April 2015.
The FCA has published a Call for Inputs, seeking views on the current state of the UK payment systems landscape. This is to help the new regulator to develop its regulatory approach and identify early priorities for action. All stakeholders in UK payment systems were invited to respond to the regulator.
The consultation directly impacts FinTech Innovation. In particular it will affect smaller players in all areas, including mobile payments.
A professional group of financial technology innovators was put together. The aim was to formalise a response, detailing necessary changes to best support FinTech innovation. Gareth Grobler of iceCUBED was pleased to have a seat at the table.
The format of the workshop was simple. In the first session six groups formed; each appointing a Team Leader. The group went through 9 key consultation questions and documented the responses.
Each team leader then presented their table’s responses to the group for open discussion. The team leaders emailed a summary of their responses to the organisers immediately after the workshop.
A draft response was then compiled, for circulation to all delegates and final overview before completion.
The final document will be submitted to the Treasury.