Responding to the Government’s announcement that the payments system will be regulated by a new body under the Financial Conduct Authority, Which? executive director, Richard Lloyd, said:
“We’re pleased the Financial Conduct Authority (FCA) will replace the bank-controlled Payments Council as the regulator of the payments system. It’s ludicrous that this vital part of the banking system has been self-regulated up to now, especially because the big banks own the infrastructure and therefore have an unhealthy advantage in the market.
“The FCA must create a more level playing field for new and smaller banks to help increase competition and deliver real choice for consumers.”
1. In June, Which? responded to HM Treasury’s consultation paper ‘Opening up UK payments’. Our full response can be found here: http://www.staticwhich.co.uk/documents/pdf/opening-up-uk-payments-which-response-326026.pdf
2. The new body, the Payments Systems Regulator, will sit under the authority of the Financial Conduct Authority and be answerable to the financial regulator.