U.K.’s Financial Conduct Authority Comment Period Ends April 15 (April 3, 2014)
Building on previous consultations by Her Majesty’s Treasury and the Office of Fair Trading, the Financial Conduct Authority (FCA) is soliciting comment regarding the U.K. payments industry, in particular on issues of competition, access, governance, ownership and innovation.
Input by industry stakeholders will assist the new payment systems regulator as it develops specific regulatory options for formal consultation later this year, according to the FCA. Comments are due by April 15, 2014. Click here for more information.
The Financial Services (Banking Reform) Act of 2013 requires the FCA to establish a new regulator for payment systems in the U.K. This new regulating body will be incorporated as a subsidiary of the FCA by April 2014, and will be fully operational in April 2015.