A New Regulatory Framework for Payment Systems in the UK
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Changing the Culture of Financial Regulation: a Corporate Governance Approach
Changing the Culture of Financial Regulation: a Corporate Governance Approach Thesis submitted in accordance with the requirements of the University of Liverpool for the degree of Doctor in Philosophy by Steven Ronald Cairns September 2014 1 | P a g e For Rhonda and John 2 | P a g e Acknowledgements First and foremost, I wish to express my sincerest gratitude to my supervisors, Dr Rob Stokes and Prof Anu Arora. Their patience and support throughout the entire process has gone beyond what is expected of any supervisory team, and for that I am truly thankful. It is amazing to think that this whole journey began with an email conversation six years ago around a failed bank and an unsuccessful furore into the city. Six years, and a few more grey hairs later, we are at the end of what has been a rollercoaster journey towards completion. I would like to take this opportunity to thank my partner Sarah Montagu, I am sure it hasn’t been easy putting up with me throughout this whole process and her selfless attitude and unconditional support has been the rock that the thesis has been built upon. I love you and couldn’t have done it without you. My gratitude also extends to my friend Bleddyn Davies. I will always appreciate our conversations; they kept me focused on the task at hand. I want to thank my Nan, Elsie May Nash, who has always believed in me no matter what I have undertaken, and for her steak pies that have gotten me through more than one late night session in the library. -
House of Lords Official Report
Vol. 754 Monday No. 16 30 June 2014 PARLIAMENTARY DEBATES (HANSARD) HOUSE OF LORDS OFFICIAL REPORT ORDER OF BUSINESS Questions Health: Multiple Sclerosis................................................................................................................................................1527 Busking ...............................................................................................................................................................................1529 Education: Citizenship Studies ........................................................................................................................................1531 Disabled Students’ Allowance..........................................................................................................................................1535 Co-operative and Community Benefit Societies and Credit Unions Act 2010 (Consequential Amendments) Regulations 2014 Motion to Approve ...........................................................................................................................................................1537 Legislative Reform (Clinical Commissioning Groups) Order 2014 Motion to Approve ...........................................................................................................................................................1537 Criminal Justice and Courts Bill Second Reading..................................................................................................................................................................1537 -
Designation of Payment Systems: Response to the Consultation
Designation of payment systems: response to the consultation March 2015 Designation of payment systems: response to the consultation March 2015 © Crown copyright 2015 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/publications Any enquiries regarding this publication should be sent to us at [email protected] ISBN 978-1-910337-85-1 PU1774 Contents Page Chapter 1 Introduction 3 Chapter 2 The legislative framework: the Financial Services (Banking 5 Reform) Act 2013 Chapter 3 Designated payment systems 9 Chapter 4 Other payment systems 11 1 1 Introduction 1.1 The Financial Services (Banking Reform) Act 2013 (“the 2013 Act”) received Royal Assent on 18 December 2013. It created a new competition-focused, economic regulator for retail payment systems in the UK: the Payment Systems Regulator (PSR). In April 2014, the PSR came formally into being as it was incorporated as a subsidiary of the Financial Conduct Authority (FCA). It will be fully operational from 1 April 2015. The 2013 Act provides that the Payment Systems Regulator will oversee all payment systems used in the UK that are brought into its scope by being designated by HM Treasury. -
The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (Eu Exit) Regulations 2018
EXPLANATORY MEMORANDUM TO THE BANK RECOVERY AND RESOLUTION AND MISCELLANEOUS PROVISIONS (AMENDMENT) (EU EXIT) REGULATIONS 2018 2018 No. [XXXX] 1. Introduction 1.1 This explanatory memorandum has been prepared by HM Treasury and is laid before Parliament by Act. 2. Purpose of the instrument 2.1 This instrument is principally being made in order to address deficiencies in retained EU law in relation to the UK’s special resolution regime arising from the withdrawal of the United Kingdom (UK) from the European Union (EU), ensuring the legislation continues to operate effectively at the point at which the UK leaves the EU. 2.2 This instrument also brings up to date certain references in the relevant legislation to European legislation. Explanations What did any relevant EU law do before exit day? 2.3 The Bank Recovery and Resolution Directive (BRRD), entered into force on 2 July 2014. The Directive established a common approach within the EU to the recovery and resolution of banks and investment firms, reflecting the Financial Stability Board’s Key Attributes of Effective Resolution Regimes for financial institutions (FSB Key Attributes). The Directive aims to provide member states with a common framework for the resolution of banks and investment firms, as well as ensuring cooperation between member states, and with third countries, in planning for and managing the failure of cross-border firms. Why is it being changed? 2.4 The Banking Act 2009 established the UK’s Special Resolution Regime. This regime now provides the Bank of England, the Prudential Regulation Authority (PRA) the Financial Conduct Authority (FCA) and HM Treasury with tools to protect financial stability by effectively resolving banks, building societies, investment firms, banking group companies and central counterparties that are failing, while protecting depositors, client assets, taxpayers and the wider economy. -
This Thesis Has Been Submitted in Fulfilment of the Requirements for a Postgraduate Degree (E.G
This thesis has been submitted in fulfilment of the requirements for a postgraduate degree (e.g. PhD, MPhil, DClinPsychol) at the University of Edinburgh. Please note the following terms and conditions of use: This work is protected by copyright and other intellectual property rights, which are retained by the thesis author, unless otherwise stated. A copy can be downloaded for personal non-commercial research or study, without prior permission or charge. This thesis cannot be reproduced or quoted extensively from without first obtaining permission in writing from the author. The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the author. When referring to this work, full bibliographic details including the author, title, awarding institution and date of the thesis must be given. ANGLO AMERICAN COMPETITION ASPECTS OF BANK MERGERS Genci Bilali Degree of Doctor of Philosophy The University of Edinburgh 2017 TABLE OF CONTENTS Declaration i Acknowledgements ii Abstract iii List of Abbreviations v Chapter 1 - Introduction 1 1.0 Bank mergers and competition concerns in Anglo American economies 1 1.1 Thesis’s research scope, issues and arguments; Benefits to society 5 1.2 Thesis structure 7 Chapter 2 - Applicable competition laws in the United Kingdom pertaining to bank mergers 10 2.0 Theoretical issues concerning the nature of the relationship between 10 competition and financial stability; Public interest exemption 2.1 Competition Act 1998 23 2.2 Cruickshank Report 25 2.3 -
The PSR and UK Payments Industry
TM Supporting Paper 1 PSR CP14/1.1 The PSR and UK payments industry November 2014 This Supporting Paper supports the PSR’s Consultation Paper ‘A new regulatory framework for payment systems in the UK’. It specifically outlines the structure of the payment systems industry, the legal and regulatory context in which we will operate and our approach to regulating payment systems. As with all of our proposals in this consultation, they have been designed to further our objectives of promoting competition, innovation and the interests of service-users. This Supporting Paper is designed for those stakeholders who want a more detailed understanding of our proposed approach. We are asking for comments on this Consultation Paper by 5pm, Monday, 12 January 2015. You can send your comments and responses to our consultation questions by email to [email protected]. You can also respond in writing to the address below (although we ask all respondents to also provide electronic Word and PDF versions of their response). Payment Systems Regulator Consultation response team 25 The North Colonnade Canary Wharf London E14 5HS We will publish all non-confidential responses to our Consultation Paper along with our final Policy Statement. We will not regard a standard confidentiality statement in an email message as a request for non- disclosure. Stakeholders who wish to claim commercial confidentiality over specific items in their response should make sure to fill in the cover sheet accordingly, and to identify those specific items which they claim to be commercially confidential by highlighting them in yellow. We may nonetheless be required to disclose all responses which include information marked as confidential, in order to meet legal obligations, in particular if we are asked to disclose a confidential response under the Freedom of Information Act 2000. -
Saturday 21 March 2009
Contents House of Commons • Noticeboard ..........................................................................................................1 • The Week Ahead..................................................................................................2 • Order of Oral Questions .......................................................................................3 Weekly Business Information • Business of the House of Commons 13 – 20 March 2009....................................6 Bulletin • Written Ministerial Statements.............................................................................9 • Forthcoming Business of the House of Commons 23 March – 3 April 2009.....10 • Forthcoming Business of the House of Lords 23 March – 3 April 2009............14 Editor: Karen Kidby Legislation House of Commons Public Legislation Information Office • Public Bills before Parliament 2008/09..............................................................17 London • Bills – Presentation, Publication and Royal Assent............................................23 SW1A 2TT • Public and General Acts 2008/09 .......................................................................24 www.parliament.uk • Draft Bills under consideration or published during 2008/09 Session ...............25 Tel : 020 7219 4272 Private Legislation Fax : 020 7219 5839 • Private Bills before Parliament 2008/09.............................................................26 [email protected] Delegated Legislation • Statutory Instruments .........................................................................................29 -
Bank of England (Creation of Currency) Bill - 12Th April 2013 1 a Proposal from Positive Money (Not Tabled in Parliament)
Bank of England (Creation of Currency) Bill - 12th April 2013 1 A proposal from Positive Money (not tabled in Parliament) A Bill To Provide the Bank of England with the exclusive right to create and issue all currency; to establish the Money Creation Committee of the Bank of England; to protect fully the content of customer transaction accounts held with authorised deposit taking institutions; and for connected purposes. BE IT ENACTED by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:— PART 1 INTERPRETATION 1.– In this Act: "sight deposit" means the deposit in a current account, or in an instant access savings account, or an Where overnight deposit, or a demand deposit. further informaon is "time deposit" means the deposit in an investment account, or a savings account which is not an available in instant access savings account. the book Modernising "cash money" means sterling coin and sterling banknotes, including those sterling banknotes of the authorised Scottish and Northern Irish banks, and the sterling coin and sterling banknotes of the Money, it will Crown Dependencies. be referred to here. "non-cash money" means money which is neither tangible coin nor banknote but which is found only in an intangible electronic or digital or number sense, and which is often transferred by cheque, card or any electronic or digital facility, and which is found in sight deposits. "currency" is the currency of this Realm and means cash money and non-cash money, denominated in British sterling. -
Legislating for Brexit: Statutory Instruments Implementing EU Law
` BRIEFING PAPER Number 7867, 16 January 2017 Legislating for Brexit: Statutory By Vaughne Miller Instruments implementing EU law Contents: 1. Introduction 2. EU law in the UK 3. Appendix List of SIs www.parliament.uk/commons-library | intranet.parliament.uk/commons-library | [email protected] | @commonslibrary 2 Legislating for Brexit: Statutory Instruments implementing EU law Contents Summary 4 1. Introduction 6 2. EU law in the UK 7 2.1 How are SIs to implement EU laws adopted? 7 2.1 Do the devolved Administrations adopt EU law? 8 2.2 Where can I find EU-related SIs? 8 3. Appendix List of SIs 9 3 Commons Library Briefing, 16 January 2017 Contributing Authors: Sasha Gorb Cover page image copyright EU flag, British flag and Palace of Westminster – CC0 Public domain: no attribution required. All images cropped. 4 Legislating for Brexit: Statutory Instruments implementing EU law Summary According to data on the EU’s Eur-Lex database, there are at present around 19,000 EU legislative acts in force. These are mainly directives, regulations, decisions and external agreements, but they include a range of other instruments. As Commons Briefing Paper Legislating for Brexit: the Great Repeal Bill, CBP7793, 21 November 2016, explains, a major issue for Brexit is what to do about EU legislation that has been incorporated into UK law. Section 2(2) of the European Communities Act 1972 (ECA) provides a power for subordinate legislation to be made where the EU Treaties require Member States to make provisions in their domestic law, such as for the implementation of EU directives. -
Eighth Report of Session 2008-09
House of Lords House of Commons Joint Committee on Statutory Instruments Eighth Report of Session 2008-09 Drawing special attention to: Banking Act 2009 (Bank Administration) (Modification for Application to Multiple Transfers) Regulations 2009 (S.I. 2009/313) Banking Act 2009 (Bank Administration) (Modification for Application to Banks in Temporary Public Ownership) Regulations 2009 (S.I. 2009/312) Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009 (S.I. 2009/322) Ordered by the House of Lords to be printed 11 March 2009 Ordered by the House of Commons to be printed 11 March 2009 HL Paper 53 HC 3-viii Published on 17 March 2009 by authority of the House of Lords and the House of Commons London: The Stationery Office Limited £0.00 Joint Committee on Statutory Instruments Current membership House of Lords House of Commons Lord Campbell of Alloway (Conservative) David Maclean MP (Conservative, Penrith and The Border) Baroness Jones of Whitchurch (Labour) (Chairman) Lord Kimball (Conservative) Dr Roberta Blackman-Woods MP (Labour, City of Durham) Countess of Mar (Crossbench) Mr Peter Bone MP (Conservative, Wellingborough) Earl of Mar and Kellie (Liberal Democrat) Michael Jabez Foster MP (Labour, Hastings and Rye) Lord Walpole (Crossbench) Mr David Kidney MP (Labour, Stafford) David Simpson MP (Democratic Unionist, Upper Bann) Powers The full constitution and powers of the Committee are set out in House of Commons Standing Order No. 151 and House of Lords Standing Order No. 74, available on the Internet via www.parliament.uk/jcsi. Remit The Joint Committee on Statutory Instruments (JCSI) is appointed to consider statutory instruments made in exercise of powers granted by Act of Parliament. -
The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (Eu Exit) Regulations 2018
EXPLANATORY MEMORANDUM TO THE BANK RECOVERY AND RESOLUTION AND MISCELLANEOUS PROVISIONS (AMENDMENT) (EU EXIT) REGULATIONS 2018 2018 No. 1394 1. Introduction 1.1 This explanatory memorandum has been prepared by HM Treasury and is laid before Parliament by Act. 2. Purpose of the instrument 2.1 This instrument is principally being made in order to address deficiencies in retained EU law in relation to the UK’s special resolution regime arising from the withdrawal of the United Kingdom (UK) from the European Union (EU), ensuring the legislation continues to operate effectively at the point at which the UK leaves the EU. 2.2 This instrument also brings up to date certain references in the relevant legislation to European legislation. Explanations What did any relevant EU law do before exit day? 2.3 The Bank Recovery and Resolution Directive (BRRD), entered into force on 2 July 2014. The Directive established a common approach within the EU to the recovery and resolution of banks and investment firms, reflecting the Financial Stability Board’s Key Attributes of Effective Resolution Regimes for financial institutions (FSB Key Attributes). The Directive aims to provide member states with a common framework for the resolution of banks and investment firms, as well as ensuring cooperation between member states, and with third countries, in planning for and managing the failure of cross-border firms. Why is it being changed? 2.4 The Banking Act 2009 established the UK’s Special Resolution Regime. This regime now provides the Bank of England, the Prudential Regulation Authority (PRA) the Financial Conduct Authority (FCA) and HM Treasury with tools to protect financial stability by effectively resolving banks, building societies, investment firms, banking group companies and central counterparties that are failing, while protecting depositors, client assets, taxpayers and the wider economy. -
Payment Landscape Review: Call for Evidence
Payments Landscape Review: Call for Evidence July 2020 Payments Landscape Review: Call for Evidence July 2020 © Crown copyright 2020 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open- government-licence/version/3. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at: www.gov.uk/official-documents. Any enquiries regarding this publication should be sent to us at [email protected] ISBN 978-1-913635-55-8 PU 2990 Contents Executive summary 2 Chapter 1 Introduction 7 Chapter 2 The government's aims 9 Chapter 3 Opportunities and risks 21 Chapter 4 Responding to this Call for Evidence and next steps 30 Annex A List of Questions 35 1 Executive summary Payments in the UK have seen rapid change over recent years with people increasingly using card, mobile and electronic wallets to make payments. Payments have also become a focus for fintech developments with developments such as paying using mobile apps that provide greater convenience and security for consumers, as well as back-office innovation to make it easier for businesses to make and manage payments. These changes offer exciting opportunities for UK businesses and consumers, with many making payments faster and cheaper. However, and as will always be the case with a rapidly changing technological landscape, they also present new challenges and risks. Given the pace of change, a HM Treasury led review of the payments landscape was announced in June 2019.