What the National Payments Vision means for the UK

• How much progress has been made since the independent Future of Payments Review 2023, led by Joe Garner?
  
  
• Will the FCA and PSR’s memorandum revisions substantially change the scope of UK payments regulation from what it is today?
  
  
• What can the industry expect from the post implementation review of the authorised push payment fraud reimbursement rules?
  
  
• How will distributed ledger technologies, artificial intelligence and enhanced data sharing “fundamentally alter the ecosystem,” as the National Payments Vision states?

In November 2024, Rachel Reeves, the UK’s new Chancellor of the Exchequer, delivered her first Mansion House speech in which she unveiled the National Payments Vision. This document revealed the Labour Government’s ambition for bolstering the UK’s payments sector to deliver economic growth, as well as charting a clear path for entire ecosystem to leverage technologies such as DLT and AI.

With innovation, competition and security nailed down as the UK’s priorities, the National Payments Vision acknowledges the 2023 Garner Review and lays the foundation for the first ever to be published in early 2025. This will establish Labour’s 10-year industrial strategy.

Fintech, sustainable finance, asset management and wholesale services, insurance and reinsurance, and capital markets, have been mentioned as growth opportunities, but it remains to be seen which industry voices will be involved in designing this new strategy. Alongside this, APP fraud is also characterised as a key issue, and initiatives are expected to be put in place to support the new reimbursement rules. Find out what 2025 has in store for UK payments here.

 

Sign up for this Finextra PREDICT 2025 webinar to join our panel of industry experts who will explore how DLT, AI and enhanced data sharing will fundamentally alter the ecosystem?