The challenges of regulation for SEPA were made clear in the "SEPA 2010" session at Sibos today when the European Commission declared that "moving from self-regulation to regulation is not a small step but a major challenge”. In a sense, that sentiment comes
as no surprise at all, given how far we've already travelled down the road to SEPA.
The sad thing is that this Sibos session yet again showed how far we have yet to go. Communication around SEPA is seen to be key and needs to be stepped up dramatically. It is, however, being pitched as a shared responsibility. I was heartened though to
learn that the intention of the EC is not to lead to a re-fragmentation of the market.
Mind you, I can't help feeling that the SEPA initiative is a major project which still has no clear project manager. The benefits of SEPA will undoubtedly come - we just have to remain patient for a while longer.