Independent review of the Payment and Electronic Money Institution Insolvency Regulations 2021
HM Treasury has launched a review of the Payment and Electronic Money Institution Insolvency Regulations 2021.
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The Payment and Electronic Money Institution Insolvency Regulations 2021 introduced a new Payment and Electronic Money Special Administration Regime (PESAR). The PESAR was introduced in response to lengthy administration cases of payment and electronic money firms which caused delays for customers in accessing their funds. The regime introduced new statutory objectives for administrators of these firms, including the objective to return customer funds as soon as practicable.
The Treasury is required to appoint an independent reviewer to assess how the regime is working in practice. The review must consider how far the regulations are achieving their intended objectives as set out in the Payment and Electronic Money Institution Insolvency Regulations 2021 and the Banking Act 2009. The review must also consider whether the regulations should continue to have effect.
HM Treasury has appointed Adam Plainer to lead the Independent Review of the PESAR. The reviewer will produce a report that will subsequently be laid before Parliament. Further details on the scope of the review and how to submit evidence can be found in the terms of reference.