David Geale, FCA Executive Director of Payments and Digital Finance, and PSR Managing Director, has shared his views on the recent government consultation about payment systems regulation. Geale sees this consultation as a crucial next step towards streamlining and demystifying payments regulation.
The government initiated the consultation to collect opinions on the future of payment systems regulations. This aligns with the dynamic nature of digital finance and payment systems. As these systems advance, so does the need for regulations to ensure safety, security, and user benefits. The PSR and FCA play pivotal roles in this regulatory process.
The FCA, an independent public body funded by the firms it regulates, and the PSR, an FCA subsidiary that regulates payment systems, both have a vested interest in payment system operation and regulation. Their input is crucial in this consultation.
Advancing Towards Streamlined and Transparent Regulations
Geale’s remarks underscore the consultation’s importance in establishing more streamlined and transparent regulations. The goal is to make regulations more comprehensible for businesses and consumers. Furthermore, the FCA and PSR, with their extensive industry knowledge, are uniquely positioned to offer valuable input.
The FCA and PSR have previously engaged in discussions about payment systems regulation. They’ve led numerous similar initiatives, always aiming to ensure secure, efficient, and consumer-friendly payment system operation.
The FCA and PSR’s consultation response clearly signals their dedication to enhancing payment systems regulation. They recognize the necessity of staying abreast of rapid changes in digital finance and payment systems. They also understand the need for clear, straightforward, and effective regulations that safeguard consumer interests.
As payment systems keep evolving, regulatory bodies like the FCA and PSR become increasingly crucial. Their industry expertise is essential in crafting fit-for-purpose regulations. This consultation marks a significant step in that direction, and the FCA and PSR’s response reflects their readiness to contribute to shaping payment systems regulation’s future.
