Earlier this week, the UK announced at a Payments Council event that it would be getting a new regulator in April 2015. As reported by Finextra, this would end the self-regulatory approach that banks currently have through the Payments Council.
The way that the Payments Systems Regulator (PSR) and the Payments Council work together is an oft-debated topic. The news source heard from several key executives in the UK payments industry to hear their opinions on the topic.
The PSR’s acting managing director Mary Starks told the news source that the new watchdog is still working through what its role will be in supporting innovation but that regulation is distinct from the “engineering.”
Starks added that the PSA could take a more hands-on approach.
“I think there’s a question in payments of whether that [setting a framework] is enough or whether the regulator will need to go further and be a bit more directive,” Starks said.
According to Payments Council CEO Adrian Kamellard, the organization itself will have an important role to play because “regulators are not there to develop strategy for the industry.”
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