The UK government is setting up a utilities-style payments regulator in a bid to make it easier and cheaper for new entrants to take on the high street banks.
This is my personal view and does not reflect that of my company or any individual team:
The statement is an oxymoron in that controls and regulation help tame and control rather than boost :-) . However, we will need to understand how the high street banks will be at a disadvantage. The high street banks obviously have more than just payment
services to offer.
Potential IP infringement at work here: "The reforms we are announcing today will encourage innovation, ensuring that real benefits are passed onto each and every user of financial services." That phrase is copyrighted in the 2004 SEPA Roadmap.
Farewell to the Payments Council and their own Payments Roadmap, which will now be consigned to the dustbin of history. Possibly the result of appointing two successive CEOs who knew nothing at all about payments but who knew (not) how to tread the corridors
of Whitehall: one from the Cabinet Office and the one before a former DG of the Association of Independent Financial Advisers and now DG of the Council of Mortgage Lenders. Neither of them ever seen an MT103 in their life, hence repeated directional as well
as communicational errors.
Regulators Ban things..... and enforce bans.... so the new regulator will need to Ban a lot of existing Ban's on creativity and competition..... lets see how good the new regulator is - at banning things... maybe then we will see some clear blue water
for new payment methods to go fish!
Competitive (base + commission)Flexible (UK, The Netherland, Belgium or Luxembourg)
© Finextra Research 2013