This note provides an update on a recommendation of the Futures of Payments Review.  The Government has accepted the recommendation to publish a National Payments Vision in 2024 and will undertake a comprehensive programme of engagement on key issues, and will work closely with key trade associations and membership bodies to gather views.  Joe Garner, chair of the Futures of Payment Review, has been appointed as an advisor on the work.

The European Parliament has published reports relating to the proposed Directive and Regulation.

The latest edition of the Quarterly Review includes an article on the design and adoption of fast payment systems.  All items in the Review may be downloaded via the following link.

The SI brings fully into force on 1 March 2024 the provisions of FSMA 2023 which concern the Bank of England levy.  The SI also deals with the commencement of s51 of, and paragraph 1 of Schedule 7 to, the Act which concern the accountability of PSR.  (Dates in force: various)

Text of Dave Ramsden’s speech of 27 February 2024 follows. Topics include: innovation in payment and settlement, including the Digital Securities Sandbox and RTGS enhancements.

The Council has announced the adoption of the Regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

This letter sets out FSB’s workplan for 2024, including plans to identify and address financial system vulnerabilities in key areas including: lessons from the March 2023 banking turmoil, NBFI, digital innovation; climate change, and cross-border payments.

PSR’s letter to Pay.UK sets out the approach the regulator will take when deciding whether to approve the Pay.UK monitoring proposals.

This HoC research briefing provides an overview of policy relating to the closure of bank and building society branches and to efforts to protect access to cash.

The European Parliament reports on the votes on the PSR and PSD. Plenary is expected to vote on both texts during the first plenary session in April, to close the first reading without agreement with the Council.