UK government mulls giving BoE new payment supervision powers
BoE would oversee firms within the broader ‘payment chain’
The UK government will consult on whether to expand the Bank of England’s supervisory powers to cover systemically important firms involved in “payment chains”.
According to the government’s Payment Landscape Review, an increase in the use of digital payments has resulted in payment activities being conducted by firms other than traditional banks and payment service providers.
These new firms have the potential to become systemically important, the government acknowledged in its review, and
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