- On 1 August 2016, the Bank of England (BoE) published its first self-assessment on its real time gross settlement (RTGS) system against the Principles for Financial Market Infrastructures (PFMI).
- Although the RTGS is not a payment system, the self-assessment was primarily undertaken against the principles that apply to payment systems.
- Of the principles that were judged to be applicable, the BoE found that the RTGS service fully observed all of them, with principle 2 (governance) and principle 3 (framework for the comprehensive management of risks), only being broadly observed.
-The self-assessment highlights any findings that are relevant to the BOE's on going strategic review of the RTGS.
-The BoE has also published a service description ofthe RTGS Service.
- The self-assessment was carried out by the BoE n its role as operator of the RTGS service, and not in its supervisory capacity. The BoE plans to update the self-assessment on a broadly annual basis.
See the BoE self-assessment here.