Payments Industry Launches Bold Policy Manifesto to Secure UK's Global Financial Leadership
A powerful trade group representing Britain's payments sector has unveiled an ambitious policy roadmap calling for sweeping regulatory reforms to transform the UK into a global payments powerhouse. The Payments Association's manifesto, launched at the House of Commons, outlines 77 recommendations covering digital currencies, fraud prevention, and financial inclusion, positioning payments infrastructure as critical national economic security infrastructure.
The document, titled "Making Britain a Payments Powerhouse," arrives as the Labour government develops its National Payments Vision and prepares to release an updated National Fraud Strategy, creating a pivotal moment for industry-government alignment on financial regulation.
Background and Context
The UK payments landscape stands at a critical juncture, facing intense competition from the EU, US, and Asian markets while balancing innovation with consumer protection. The industry's manifesto emphasizes that without decisive regulatory action, Britain risks losing its competitive edge in digital finance. The document follows the government's recent Financial Inclusion Strategy, which incorporated financial education measures welcomed by industry advocates.
Key Figures and Entities
The Payments Association, representing over 150 payments professionals across regulation, financial crime, and digital currencies, has positioned itself as a critical intermediary between industry and policymakers. CEO Ben Agnew argues that payments infrastructure requires treatment as "strategic national infrastructure," while Director of Policy Riccardo Tordera-Ricchi has specifically called for greater accountability from technology companies in combating fraud.
The manifesto launch, hosted by David Burton-Sampson MP, Co-Chair of the APPG Open Finance and Payments, featured remarks from Economic Secretary to the Treasury Lucy Rigby KC, indicating significant government engagement with the industry's proposals.
Legal and Financial Mechanisms
Central to the association's recommendations is a radical restructuring of cryptocurrency regulation, including calls for the Bank of England to remove holding limits on systemic stablecoins and improve backing asset ratios. The manifesto advocates eliminating the wholesale ban on certain digital asset activities, arguing that current restrictions stifle innovation and undermine global competitiveness.
The document also demands stronger regulatory frameworks addressing "friendly fraud"—consumer-initiated chargebacks against businesses—and calls for mandatory fraud prevention responsibilities for social media platforms and telecommunications companies. These proposals reflect growing industry frustration with current fraud liability distribution mechanisms.
International Implications and Policy Response
The association's recommendations carry significant implications for the UK's position in global financial services regulation. As the EU advances its own digital finance frameworks and Asian markets accelerate cryptocurrency adoption, industry leaders warn that regulatory hesitation could permanently damage London's status as a fintech hub. The manifesto specifically references competitive pressures from Brussels, Washington, and Singapore, framing regulatory reform as essential to national economic strategy.
Policy experts note that the recommendations create tension between consumer protection priorities and innovation acceleration goals, particularly regarding stablecoin regulation and fraud prevention responsibilities. The government's response to these proposals will signal its broader approach to balancing financial sector growth with systemic risk management.
Sources
This report draws on The Payments Association's Payments Manifesto 2026, public statements from industry executives, and UK government policy documents including the National Payments Vision and Financial Inclusion Strategy. Information was also sourced from parliamentary records and official speeches delivered at the House of Commons manifesto launch event.
