Treasury has published feedback on the responses to its March 2013 consultation on opening up the UK's payments system and tabled amendments in the Lords Committee stage of the Banking Reform Bill that create a new competition-focused, utility-style Payment Systems Regulator. It will be established as a separate body and overseen by FCA and have a discrete set of objectives, duties and powers, but the Bank of England will retain veto rights over any of its decisions impacting on integrity and stability. The Government expects that the industry will replace the Payments Council with a trade body that the Payments Systems Regulator can instruct to develop UK payments. A payment system will be brought within the scope of regulation by Treasury designation, which will also extend to the system participants. Among other powers, the Payments Systems Regulator will be able to require the owners of a designated payment system to divest their ownership stake. It will also have powers to require changes to the rules of operation of the system or to amend commercial agreements. (Source: Opening Up UK Payments: Response to Consultation and Provisions for Payment Systems Regulator)