We have a range of regulatory powers and procedures that we use to pursue our statutory objectives, so that payment systems continue to work well for the people and businesses using them.
We have regulatory powers under the Financial Services (Banking Reform) Act 2013 (FSBRA), as well as competition powers under the Competition Act 1998. We can issue requirements to different parties, and take action against those who breach relevant regulations and directions.
We work with other regulators and competition authorities to make sure the UK has a coordinated approach to regulating payments.
