Recognizing that systemic confidence is a key component of economic growth, the P20 supports a consistent regulatory environment that promotes fair and appropriate business practices for the benefit of all.
National regulatory environments vary considerably in their coverage and approach. However, many countries look to the US and UK initially to understand the rationale and impact that could occur from implementing certain financial regulations.
The UK’s regulatory foundation has centuries of history that aided the European Union in implementing a common regulatory framework across the EU. The UK has often built further on EU directives to reflect its more liberal approach to business, e.g. Open Banking.
The UK has one regulatory body, the Financial Conduct Authority (FCA) whereas the US has 19 different federal regulatory agencies creating a more complicated supervisory environment. During board meetings, the regulators actively participate in the forthright discussion and calls for action. The inclusion of international regulators and government representatives in every discussion within P20 streamlines the regulatory process, paving the way for smoother payments industry growth Priorities under this pillar include Identity Verification KYC/AML, Open Banking and Speed versus Security.