UK Payment Systems Level 2 PFMI Assessment
Summary
CPMI-IOSCO conducted a Level 2 assessment of UK payment systems and central securities depositories/securities settlement systems against the Principles for Financial Market Infrastructures (PFMI), with the assessment drawn as of September 2023. The assessment finds that the UK's legal, regulatory and oversight frameworks for systemically important payment systems are complete and consistent with the PFMI. For CSDs/SSSs, frameworks are complete and consistent in most aspects, but the assessment identified areas for improvement, particularly in risk and governance principles where implementation was broadly, partly, or not consistent.
“The assessment finds that – as of September 2023 – the United Kingdom's legal, regulatory and oversight frameworks for payment systems are complete and consistent with the PFMI.”
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What changed
CPMI-IOSCO published a Level 2 implementation monitoring report assessing UK compliance with the Principles for Financial Market Infrastructures across two FMI types: systemically important payment systems and CSDs/SSSs. The assessment concluded that UK frameworks for payment systems fully meet PFMI standards, while CSD/SSS frameworks meet standards in most respects with targeted improvements identified in risk and governance implementation.
Financial market infrastructure operators, payment service providers, and CSDs operating in or connected to the UK should note that the assessment identifies specific gaps in risk and governance principles for securities settlement systems. While no immediate compliance deadline is imposed by this assessment, operators should consider reviewing their implementation against the noted areas for improvement to maintain alignment with internationally recognized standards.
Archived snapshot
Apr 23, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Implementation monitoring of PFMI: Level 2 assessment report for UK payment systems and central securities depositories/securities settlement systems
CPMI Papers | No
231 | 16 April 2026 PDF full text (594kb) | 32
pages The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) closely monitor the implementation of the Principles for financial market infrastructures (PFMI). This report presents the conclusions drawn by CPMI-IOSCO from a Level 2 assessment of whether, and to what degree, the legal, regulatory and oversight frameworks in the United Kingdom for systemically important payment systems and central securities depositories (CSDs)/securities settlement systems (SSSs) are complete and consistent with the Principles.
The assessment finds that – as of September 2023 – the United Kingdom's legal, regulatory and oversight frameworks for payment systems are complete and consistent with the PFMI.
The legal, regulatory and oversight frameworks in the United Kingdom for CSDs/SSSs are complete and consistent with the Principles in most aspects. However, the assessment identified some areas for improvement, particularly in aspects where implementation was broadly, partly or not consistent, including risk and governance principles.
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