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

Beginning April 2015 a new regulator will oversee the UK payment industry’s systems. As a result, the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) 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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