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<p>Under the new regulatory regime, HM Treasury will designate payment systems to bring them—and system participants—into the scope of the regulator's powers. Initially, the Treasury expects to designate the main inter-bank systems, the cheque clearing system and the international three and four party card systems. However, as set out in the legislation, all retail payment systems active in the UK will be in the potential scope of regulation, meaning "no-party" schemes may also be brought into the scope of regulation, if and when they meet the criteria for designation. These criteria require that the Treasury must be satisfied that any deficiencies in the design of the payment system, or any disruption in its operation, would be likely to have serious consequences for those who use, or are likely to use, the services provided by the system. Once designated, the Payments Systems Regulator will be required to advance its objectives in a proportionate manner, which will include taking into account differences between members of the regulated population.</p> |