A New UK Body to Regulate Payment Services? FCA Hopes to Improve Industry Competition

UK's Financial Conduct Authority (FCA) plans to form a new regulatory body to oversee payment services companies in a bid

fcaBeginning April 2015 a new regulator will oversee the UK payment industry’s systems. As a result, the Financial Conduct Authority (FCA) has requested opinions on the main issues facing the UK payment sector today.

According to the FCA’s finding, the primary issues facing the UK payment sector are reflected in a lack of transparency and innovation. The industry is lead by large banks and firms pushing smaller financial institutions to the outer rim of the sector, being unable to compete…

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