Trust Payments is delighted to be speaking at this week’s Westminster Business Forum conference, The future for UK payment services regulation and growth.
Mykey Oshoke, Group Data Protection Officer, will speak at the Forum which will examine the way forward for payments regulation in the UK on Wednesday 12 July.
Bringing together key stakeholders and policymakers, it will be an opportunity to discuss:
- the closing of HM Treasury’s window for consultation on the Payment Services Regulations (PSR) review and the future regulatory regime for cryptoassets
- draft legislation on the regulation of Buy Now Pay Later
- publication of the Joint Regulatory Oversight Committee’s (JROC) recommendations for the future of open banking
Delegates will consider how the regulatory framework in the UK can keep pace with innovation and enable new market entrants, as well as bolstering the competitiveness of the UK payments sector, while also protecting consumers and safeguarding markets.
Keynote sessions include Andrew Self, Senior Manager, Payment Systems Regulator; and Riccardo Tordera Ricchi, Head of Policy and Government Relations, The Payments Association.
Overall, sessions in the agenda will look at:
Innovation and growth
- incorporating new technologies into the regulatory framework – including effective cryptocurrency regulation
- authorisation requirements and support for smaller firms – priorities for regulatory reform that can enable growth
Buy now, pay later
- considerations for the upcoming FCA consultation – smooth transition to FCA authorisation while minimising operational burdens
- striking a balance in regulation to promote competition, innovation and consumer choice
Open banking
- strategic considerations for the next stages of development in the UK – priorities for establishing UK leadership and reducing sector uncertainty
- the structure and purpose of the proposed new implementation body, following the Open Banking Implementation Entity’s final report
Governance and conduct
- consumer protection measures against insolvency and fraud – enhancing financial resilience within the UK regulatory framework
- the impact of the Consumer Duty on payments and e-money firms
Overall policy
- potential areas of divergence between the UK and EU PSR reform, and their impact on UK firms providing services in the EU
- next steps for enabling growth and innovation – boosting the international competitiveness of the payments sector
The conference will be an opportunity for stakeholders to consider the issues alongside key policy officials who are due to attend from the DCMS; GLD; HMRC; HM Treasury; Home Office; and UKIB.