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UK: Payments overhaul gives authority to Competition Commission

By  |  March 28, 2013

An overhaul of the entire payments system of the UK would hand more power to the Competition Commission to resolve disputes concerning payments systems ownership. Reports say the government has drafted an outline of the overhaul in efforts to ensure that all banks – including the largest – can access “open, fair and transparent” payments systems. The Treasury has additionally suggested the development of a new regulator to enforce legislation, set prices concerning the accessibility of payments systems and to intervene to set prices for access to a payments system. The proposal has said that the regulation is crucial to ensure healthy competition in the market.

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