This consultation closed on 7 June 2024, and we have published our response.
What does this document contain and why are we publishing it?
This document sets out our proposed approach to supervision.
We have established a Supervision team to set out our regulatory expectations of payment systems operators (PSOs) and manage our relationship with them. Our Supervision team will provide a new way of working within our existing regulatory framework.
Our primary focus will be upon our regulatory relationship with PSOs. In the future, we may find it necessary to manage the relationship with other strategically important stakeholders.
Our Supervision team will be responsible for managing relationships with supervised firms. We will provide clear routes for communication and predefined engagement schedules for our supervised firms. This will be complementary to the engagement between us and supervised firms on specific projects.
We propose a set of principles that describe our regulatory expectations of supervised PSOs. How firms meet those expectations will vary and we intend to be flexible in applying these principles. We understand that the organisations that we intend to supervise have diverse aims and needs.
What happens next?
After considering the feedback we receive to this consultation, we will publish a final document describing our approach later this year.