HM Treasury, working with the Bank of England, the Financial Conduct Authority and the Payment Systems Regulator through the Payments Vision Delivery Committee, has published the Payments Forward Plan, a sequenced three-year regulatory pipeline for UK payments that also covers certain digital-asset workstreams. The plan consolidates planned initiatives and intended outcomes across public authorities to support firms’ planning and innovation, while explicitly considering sector capacity and the sequencing of activity in line with the government’s National Payments Vision. The roadmap flags near-term milestones including consultation responses in Q1 2026 on consolidating the Payment Systems Regulator into the Financial Conduct Authority and on Financial Ombudsman Service reform, both of which would require primary legislation. HM Treasury also plans a Q2 2026 consultation on modernising assimilated payments services law, including the approach to Open Banking and stablecoin payments, followed by a consultation response in Q4 2026 and further Financial Conduct Authority consultations and policy statements in 2027–2028. Operational and infrastructure items include a spring 2026 consultation on next steps for designing and delivering next-generation retail payments infrastructure and end-2026 data and operational enhancements to the Faster Payments System and the Bacs Payment System. On digital assets, the Bank of England’s consultation on systemic stablecoins closes on 10 February 2026, with final rules and a supervisory approach targeted for end-2026, alongside an FCA consultation on cross-cutting conduct standards for stablecoin issuers closing on 12 March 2026 and an FCA policy statement on issuance rules planned for Q2/Q3 2026. Open Banking milestones include first live Variable Recurring Payments in Q1 2026, an FCA consultation on interface rules in Q3 2026, and an HM Treasury statutory instrument planned for Q4 2026 intended to give the FCA powers to oversee the future ecosystem. The plan notes that it is not exhaustive and that timings remain subject to change. The committee has also agreed to add an enhanced focus on payments to the Regulatory Initiatives Grid in its first 2027 publication.
HM Treasury 2026-02-01
United Kingdom's HM Treasury and payments regulators publish Payments Forward Plan mapping a three-year payments regulatory roadmap
HM Treasury, with the Bank of England, FCA, and Payment Systems Regulator, released the Payments Forward Plan, a three-year UK payments roadmap, including digital assets. Key initiatives involve consolidating the Payment Systems Regulator into the FCA, modernising payments services law, and developing next-generation retail payments infrastructure. The plan outlines milestones for Open Banking and stablecoin regulations, with consultations and policy statements scheduled through 2028.