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Insolvency changes for payment and electronic money institutions: consultation (26 April 2021)
Consultation outcome
Insolvency changes for payment and electronic money institutions: consultation
From:
Published:
3 December 2020
Last updated:
26 April 2021, see all updates
This consultation has concluded
Download the full outcome
Insolvency changes for payment and electronic money institutions: response to consultation
Ref: ISBN 978 1 911680 77 2 , PU: 3115PDF, 221KB, 20 pages
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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
Summary
A consultation seeking feedback on proposed insolvency changes for payment institutions and electronic money institutions, including a new special administration regime.
This consultation ran from
7am on 3 December 2020 to 11:59pm on 21 January 2021
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
Insolvency changes for payment and electronic money institutions: consultation
PDF, 513KB, 45 pages
Insolvency changes for payment and electronic money institutions: consultation (supplementary annex)
PDF, 213KB, 17 pages
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Published 3 December 2020
Last updated 26 April 2021 + show all updates