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UK: Payments sector to get competitive boost via new watchdog

 |  October 10, 2013

Government officials are following through with plans to establish a new watchdog charged with overseeing the payments sector in efforts to boost competition in the market and allow for new entrants to rival big banks more easily.

According to reports, the new watchdog will be set-up through amendments to the Banking Reform Bill and sit under the Financial Conduct Authority.

When assuming power next year, the new regulator will be allowed to investigate market competitors and issue fines, as well as change banks’ ability to access payments systems like faster Payments and Bacs.

According to reports, lawmakers mulled three options wen discussing reforms to the payments market: changes to the Payments Council, a new body called the Payments Strategy Board, or a whole new authority.

The UK payments market sees 17.5 billion non-cash transactions every year, say reports.

Full Content: Finextra

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