In response to that, the Bank received more than 40 written submissions from interested parties, conducted meetings with 28 parties (some more than once) and hosted a roundtable with participants from 33 organisations. These included card schemes, banks, other financial service providers, consumer groups and government agencies.
The Board’s preliminary assessment, taking all of that into account, was presented in a second consultation paper that was published in December, including a set of draft standards for further comment. The Bank received over 40 substantive submissions in this second round and held more than 50 further stakeholder meetings, all of which will be considered in the Board’s final assessment.