U.K. Treasury Gets New Payment Regulation Office

By  |  October 10, 2013
 | 

This week, the U.K. Treasury announced the creation of a new regulatory agency under the Financial Conduct Authority, according to BankTech. The agency will be responsible for increasing competition in the payments sector, and will begin in 2014.

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    The agency will “empower smaller firms to challenge the big banks to deliver real benefits for each and every user of financial services,” the Treasury indicated. The U.K. government said that 17.5 billion non-cash transactions occurred last year.

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    “An open and transparent payments system is crucial to give new players freedom to challenge the big banks without unfair barriers,” said Financial Secretary to the Treasury Sajid Javid in the article.

    For more on the U.K. Treasury’s new regulatory office, click here.

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