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UK: New payments regulator wants banks to make changes this year

By  |  March 19, 2015

Britain’s newest and most powerful financial regulator has pledged to introduce “meaningful” change this year to help new banks steal market share from the “Big Five” lenders who dominate in commercial and retail banking.

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    The Payment Systems Regulator (PSR) will be formally launched on April 1 and was specifically created to shake up the arcane financial plumbing that handles 75 trillion pounds of money transfers annually, from credit cards to shop payments and cash machines.

    We want to make sure that there is really meaningful change to access and governance, and that means this year,” PSR Managing Director Hannah Nixon told Reuters last week.

     

    Full Content: The Economic Times

     

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