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.
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.
“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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