UKRN Work Programme

The end of the week.  Strange as all the weeks are the same, but I still look forward to the weekend which will probably be very similar to the rest of the week.  The FCA have announced a delay to the SCA programme, see here.  This has been done to minimise the disruption on merchants, and consumers during Covid-19.  Good move.

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UKRN Work Programme

The UKRN do good work in the regulatory space.  There remit is to bring together all the regulators into a central group and co-ordinate their activities.

Jonathan Oxley, the CEO said:2019/20 will build on these successes. We are expanding the network and are delighted to welcome two new members to the UKRN: The Information Commissioners Office and The Pension Regulator. We look forward to working with both organisations and welcome the insight and expertise they will bring.

We are also setting out ambitious plans for further collaboration across a wide-ranging programme of work organised around two key themes: vulnerability and infrastructure and investment.

They highlight the need for the regulation community to collaborate to ensure that good initiatives are implemented, and they are done so safely.  Again, as with the FCA and the PSR protecting customers is high on their list.

The report makes interesting reading because it’s clearly stating that the UKRN is attempting to provide some kind of leadership and that is very welcome.

As we get further into the year it will be good to see the detail and also the way that we, as professionals, can interact with them.

Summary of the UKRN, FCA and PSR Plans

Overall. the plans are harmonized and they recognize three main objectives:

  1. That we protect consumer and customers
  2. We provide a range of products giving customer choice
  3. That we improve the underlying infrastructure and operations to speed up payments

All three emphasis the need for industry professionals to get involved and help the organization implement their objectives and that is a very welcome thing.

The Payments Business will provide regular updates as to how they are doing.  Join our Forum to follow and comment on events as they unfold.

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