UK: New payments authority announces game plan

The UK’s newest regulator emerged Thursday to reveal a game plan as to how it will boost competition in the nation’s payments industry.

The Payment Systems Regulator said Thursday it plans to launch an investigation into ownership and the state of competition in the payments sector by April of next year, when it formally launches operations.

”Ownership, control and governance of payment systems will be opened up to give all service users a voice when decisions are made, not just those that own the systems, typically the major banks,” the new watchdog said in a statement.

The PSR will operate under the oversight of the Financial Conduct Authority.

The UK is prioritizing its financial sectors as policymakers and regulators highlight troubling issues in several markets. The Competition and Markets Authority recently launched an in-depth investigation into the banking sector, largely dominated by HSBC, Lloyds, RBS and Barclays, and regulators have also tackled competition issues in the payday loan, small business loan and checking account markets.

Full content: Reuters

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