IRRV Alert - week ending 18th December 2020 (Part 1)
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Insolvency changes for payment and electronic money institutions: consultation (17 December 2020)
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Insolvency changes for payment and electronic money institutions: consultation
Published 3 December 2020
Last updated 17 December 2020 — see all updates
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Summary
A consultation seeking feedback on proposed insolvency changes for payment institutions and electronic money institutions, including a new special administration regime.
This consultation closes at
11:59pm on 14 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, 250KB, 17 pages
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Published 3 December 2020
Last updated 17 December 2020 + show all updates