The Bank of England (BoE) has published a speech by Mark Carney, BoE Governor which he had intended to give at the Mansion House on 16 June 2016, announcing a number of initiatives intended to promote the development of FinTech.  Dr Carney commented “the great promise of distributed ledgers for central banks is their potential to enhance resilience.” The initiatives include the BoE extending direct access to its real-time gross settlement system (RTGS) to a range of non-bank payments service providers (PSPs) such that these PSPs may compete on a level playing field with banks and thus lead to increased competition and innovation in the market for payment services, while also holding settlement account holders to the appropriate standards to safeguard resilience. Dr Carney stated the commitment of both the FCA and HMRC to develop a strengthened supervisory regime for firms that apply for an RTGS settlement account.  Dr Carney gave an indication of the necessary legislative changes, including: (i) adding payment institutions to the list of regulated entities to whom the Financial Markets and Insolvency Regulations apply; and (ii) modifying the Payment Services Regulations  and Electronic Money Regulations to enable safeguarded funds held by e-money institutions and payment institutions to be posted with the BoE; and (iii) amending the Banking Act 2009 to expand HM Treasury's powers to grant the BoE with the ability to supervise any relevant payments systems if they grow large enough to pose a systemic threat.