22 October 2016
Visit dh.com

FCA calls for input on payments system reforms

05 March 2014  |  1710 views  |  0 Source: Financial Conduct Authority

A new regulator to oversee UK payment systems will be introduced by April 2015. Payment systems make every payment to or from UK consumers possible, by allowing funds to be transferred between people and businesses.

Today the Financial Conduct Authority (FCA) has asked for views on the key issues facing the payments sector.

Every year these payment systems process over 7 billion transactions, worth over £75 trillion. The FCA's 'call for inputs' will help shape the focus of the new regulator's work.

Martin Wheatley, FCA chief executive, said:

"This sector is critical to the economy so it must reflect the needs of people and firms and enjoy their confidence.

"We need to know if the sector is as open as it should be to new entrants into the market and whether consumers are getting the best possible deal."

Competition will be high on the agenda of the new regulator. The largest payment systems are owned and managed by the big banks, but concerns have been raised that the sector lacks transparency and innovation. It also needs to be easier for challenger banks to access these systems and compete with the bigger players.

The Banking Reform Act (2013) created a new independent regulator for payment systems as a subsidiary of the FCA. The new regulator will be fully operational by 1 April 2015 and has three objectives:

promoting competition,
promoting innovation and
ensuring that payment systems operate in the interests of their users.

There are a number of payment systems in use in the UK, and HM Treasury will consult on which payment systems will be overseen by the new regulator later this year.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Find out moreVisit dh.comVisit www.dh.com

Top topics

Most viewed Most shared
The bank of the future will be invisible - KPMGThe bank of the future will be invisible -...
33858 views comments | 123 tweets | 227 linkedin
New EU rules could cost UK firms £122bn in cybersecurity fines - PCI SSCNew EU rules could cost UK firms £122...
10701 views comments | 31 tweets | 37 linkedin
Barclays and Citi test blockchain tech for equity swaps processingBarclays and Citi test blockchain tech for...
8465 views comments | 26 tweets | 19 linkedin
ING takes fintech startup route to UK relaunchING takes fintech startup route to UK rela...
6961 views comments | 29 tweets | 22 linkedin
Indian banks hit by massive ATM breachIndian banks hit by massive ATM breach
6599 views comments | 16 tweets | 25 linkedin

Featured job

to c.£100K base, double OTE
London, UK (covering Europe)

Find your next job