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U.K. Readying New Regulator to Oversee Lucrative Payment Systems Industry

Roberta Holland | May 21, 2014

Financial officials in the United Kingdom are laying the groundwork for a new regulator charged with overseeing the £75 trillion payment systems industry.

The Payment Systems Regulator (PSR) was incorporated last month as a subsidiary of the Financial Conduct Authority, with plans to have the new agency fully operational by April 2015. The Banking Reform Act of 2013 authorized the Financial Conduct Authority (FCA) to create the new regulator to address concerns about access to U.K. payment systems, terms offered for access to the systems, and innovation within the industry. The overarching goals are to boost both competition and innovation in the payment services sector, according to information released by the FCA.

The industry accounts for roughly 7 billion transactions a year between customers and businesses, the FCA said.

“This is a vital sector for the U.K. economy with businesses...

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