30 April 2018
Reinforcing the Uk financial system
On 24th April 2018 HM Treasury (HMT) announced that Vocalink Limited is to become formally specified as a service provider for the purposes of Part 5 of the Banking Act 2009, bringing Vocalink Limited into the Bank of England supervisory regime.
Commenting on this announcement by HMT, Tim Ensor-Clinch (Chief Legal Officer, Vocalink, a Mastercard company) said: “This move by HMT recognises the importance of Vocalink as the infrastructure service provider to each of the recognised payment systems (Bacs, Faster Payments and LINK) and reinforces the critical role of service providers such as Vocalink in maintaining the stability of, and confidence in, the UK financial system. By extending the oversight regimes and bringing service providers into a supervisory regime, HMT has set a clear expectation of the level of importance that it places on the effective management of risk and the importance it places on the reliability and resilience of the infrastructure supporting the payment systems.
“We have always enjoyed a very constructive relationship with the Bank of England and we look forward to that continuing. Our commitment to maintaining the stability of the UK payment systems is demonstrated by our continued operational excellence, delivering the payment services which millions of UK consumers and businesses rely on every day to make and receive payments and to withdraw cash.
“We look forward to working together with the Bank of England and HMT.”