But it is and must be also prepared, if needed, to use regulatory powers more forcefully. In judging which approach is preferred, we will respond to the industry’s behaviour, just as they respond to ours. The approach we adopt in any instance has to be tailored to the circumstances and we will ourselves on occasion need to innovate.
What will be constant is the set of statutory goals given to the Payments System Board – controlling risk, and promoting competition and efficiency in the payments system. The Payments System Board is committed to those objectives and will be pragmatic, but determined, in pursuing them. We look forward to effective engagement with the industry in the process. 8  BIS Review 36/2009