Insolvency changes for payment and electronic money institutions: consultation

Payments in the UK have seen rapid change over recent years with people increasingly using card, mobile and electronic wallets to make payments. These changes offer opportunities for UK businesses and consumers, with many making payments faster, cheaper and more securely. However, and as will always be the case with a rapidly changing technological landscape, they also present new challenges and risks. The Government is proposing to introduce changes that will help protect customers in the event of a payment or electronic money institution being put into insolvency. This will in turn strengthen confidence in the payment and e-money sectors by improving customer and market outcomes.