Abstract
The global banking crisis and the recent failure of the computer systems at one of the UK's major deposit-taking banks have, together, highlighted the problems caused by the interconnectedness of banks and the importance of protecting interbank payment systems (IBSs). Current account holders are, in effect, people who need access to a payment system. If this access is denied to them, they will quickly run into financial difficulties. Nor is it enough for a current account holder simply to have access to money: it is also crucial to ensure that bill and other payments requested by an account holder are actually being made by his or her bank. This article considers whether the arrangements for the oversight of IBSs provided under the current UK regulatory and legal framework give adequate protection to individual depositors and banks within the system.
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