July 23, 2019

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Blueprint for the Future of UK Payments: The Payments Strategy Forum Launches a Consultation on the Future of UK Payments

The Payment Strategy Forum (PSF) has published a public Consultation Paper (the “Consultation”) entitled “Blueprint for the Future of UK Payments.”  The PSF observes that whilst payment systems in UK are some of the best in the world, they are no longer fit for purpose, given their age and complexity.  The PSF has therefore developed a New Payments Architecture, which will consolidate and replace the current tripartite system of Bacs, Cheque and Credit Clearing and the Faster Payments Service.

See here for an analysis of the PSF’s plans and proposals.

 

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About this Author

Charlotte Hill, financial services lawyer, Covington
Partner

Charlotte Hill is a financial services and regulation partner in the London office.  She specialises in advising financial institutions on regulatory and commercial matters.

Ms. Hill has had considerable industry experience during her career, having worked at the regulator, IMRO (a predecessor regulator of the FCA) in the enforcement division and subsequently, was Director of Legal at Threadneedle Investments.  This industry experience is invaluable in providing clients with truly commercially focussed advice.

44 20-7067-2190
Greg Lascelles, Covington Burling Law Firm, Litigation Attorney
Partner

Greg Lascelles is an experienced litigator whose practice covers international and domestic commercial litigation and arbitration, with particular emphasis on the financial services sector. Mr. Lascelles has advised on investor and partnership disputes, corporate restructurings and disputes relating to equity, fixed income, interest rate, foreign exchange and commodities products. He has also advised on international arbitration matters, both ad hoc and institutional, under the LCIA, ICC, CIETAC and ICSID rules.

In addition, Mr. Lascelles has defended clients in regulatory investigations into market abuse, systems and controls and financial reporting. He has acted for clients in collective selling and cartel allegations, fraud and conspiracy, international trust and contractual disputes.

4420-7067-2142