Insolvency changes for payment and electronic money institutions: consultation
Detail of outcome
Insolvency changes for payment and electronic money institutions: consultation’, was launched on the 3 December.
The consultation sought feedback on proposed insolvency changes for payment institutions and electronic money institutions, including a new special administration regime.
Original consultation
Consultation description
Payments in the UK have seen rapid change over recent years with people increasingly using card, mobile and electronic wallets to make payments. These changes offer opportunities for UK businesses and consumers, with many making payments faster, cheaper and more securely. However, and as will always be the case with a rapidly changing technological landscape, they also present new challenges and risks. The Government is proposing to introduce changes that will help protect customers in the event of a payment or electronic money institution being put into insolvency. This will in turn strengthen confidence in the payment and e-money sectors by improving customer and market outcomes.
Documents
Updates to this page
Last updated 26 April 2021 + show all updates
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Added: 'Insolvency changes for payment and electronic money institutions: response to consultation'
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Consultation extended by 1 week.
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Note: 'Insolvency changes for payment and electronic money institutions: consultation (supplementary annex)' document uploaded.
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First published.