In July 2020, HM Treasury issued a Call for Evidence in relation to its Payments Services Landscape Review (the “Call for Evidence”). The Call for Evidence sets out HM Government’s aims for payment systems and payments networks in the U.K. and seeks responses to questions relating to future opportunities and risks for new payments systems and cross-border payments as well as how regulators may adapt to and
promote new payment networks. The FMLC has submitted a response urging HM Government to consider the uncertainties which may arise in relation to DLT-based innovation in the area of payments systems. It has also identified limitations and uncertainties in the existing statutory and regulatory regimes which currently (and will, in the future, increasingly) adversely impact upon the achievement of a number of principal aims expressed in, and touched upon the issues raised by the Call for Evidence.
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