The Bacs payment system is recognised by HM Treasury for oversight by the Bank of England. In this respect Bacs is defined as a Financial Market Infrastructure, and consequently Pay.UK, which became the operator of the Bacs payment system on 1 May 2018, assesses and discloses how it meets a set of international principles designed to ensure stability.
The Principles for Financial Market Infrastructures: Disclosure framework and assessment methodology are published by the Committee on Payment and Settlement Systems and the Board of the International Organization of Securities Commissions (CPSS-IOSCO).
The report sets out how Pay.UK considers the Bacs payment system measures against the CPSS-IOSCO principles, and is structured in accordance with the disclosure framework. It may be helpful to access a copy of the principles when reading the Bacs report, see the Information Hub to the right of your screen.
Refer to the Information Hub to the right of your screen for other supporting documents.