New legislation to grant BoE more power over payments infrastructure
BoE’s Bailey details consolidation of core retail payment infrastructure
The UK Treasury is expected to establish a statutory instrument that will extend the Banking Act 2009 in the coming months, to give the Bank of England (BoE) power to regulate infrastructure providers to recognised payment system operators.
The new legislative amendment will put the central bank's supervisory regime "on the right footing" to supervise infrastructure providers directly, according to David Bailey, director for financial market infrastructure at the BoE.
Speaking today (February 21
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