Published: 11 February 2021 Closes: 8 April 2021

More and more of us are using digital payments to transfer funds directly from one bank account to another using interbank payment systems and particularly the Faster Payments Service (Faster Payments.) But if Faster Payments continues to grow, we need to understand whether the protections currently in place are sufficient.

Why we are publishing this document

Faster Payments is increasingly used for a variety of purposes, including retail purchases. We expect this growth to persist in the coming years, including from propositions developed in Open Banking. We want to see payment systems develop and innovate in ways that work well for everyone that uses them and are therefore asking for views as to whether there is adequate consumer protection, or if more needs to be done to ensure that consumers and businesses are confident when making an interbank payment that they will not be disproportionately harmed if something goes wrong.

As things stand, consumers may find they only have a limited set of remedies available to them when something goes wrong with their interbank payment. We want to make sure consumers get enough protection when they make a payment from one bank account to another using interbank payment systems, particularly Faster Payments. This call for views sets out the questions that will help us make an assessment of what is in place now and help shape our view about what should be available in the future.

What this document contains

This publication includes overviews of:

  • Our vision for consumer protection
  • why we think more protection of interbank payments is needed.
  • the different possible uses of interbank payments and which of those may need additional protection.
  • what we think may be required for consumers to claim protection for payments made using interbank systems.
  • what we will consider before suggesting any possible actions.
  • the questions we ask in this call for views and next steps.

We welcome feedback on the subjects and questions we raise, including any evidence or information on their viability, effectiveness, proportionality, or how they should be developed.

Who should read this document

This document will be of interest to people and businesses using payment systems (including representative bodies), PSPs and PISPs (current and prospective), payments industry representative bodies and interbank payment system operators (national and international).

What happens next

Our call for views will remain open for eight weeks, and we will then consider all the responses we receive to help shape our response and next steps.

The call for views is open until 5pm on 8 April 2021. You can email your comments to or write to us at:

Consumer protection project team
Payment Systems Regulator
12 Endeavour Square
E20 1JN

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