Wire · technology
Modernising UK payments: HM Treasury's proposed overhaul of the payment services regime -
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Fusion42 · 21 July 2026 · Fusion42 review
HM Treasury has launched a 12-week consultation on modernising UK payments regulation, proposing to shift technical requirements from legislation into FCA rules whilst keeping core consumer protections statutory. The overhaul covers tokenised payments, open banking reforms, and agentic payments, with implementation via secondary legislation.
This Wire brief sits within Fusion42's coverage of Fintech, and 2 sources have reported it between 20 Jul 2026 and 21 Jul 2026.
◆ ◆ The Wire takeaway
If you build payment infrastructure in the UK, the rulebook is being rewritten to move faster than statute allows - and the FCA's new powers to set outcomes-focused authentication and fraud rules mean your compliance burden could drop whilst your risk appetite grows. Comments close 6 October; the firms that shape this consultation will write their own moat.
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2 sources · first reported 20 Jul 2026 · latest 21 Jul 2026
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