Part 5 of the Banking Act 2009 establishes a statutory regulatory regime for inter-bank payment systems. This regime, which will be operated by the Bank, will replace the current non-statutory arrangements. Under the new regime, payment systems which meet the criteria set out in the Act (section 185(1)) may be recognised by HM Treasury and brought within the Bank's oversight regime. The Bank has published a paper explaining how it intends to fulfil its responsibilities in this area.
The paper includes a consultation on draft Principles for recognised payment systems, and invites responses by 30 October 2009.