Payment Systems Regulator

Treasury written question – answered on 14th January 2014.

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Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury)

To ask the Chancellor of the Exchequer what steps he has taken to ensure that work on (a) account number portability, (b) developing a low-cost platform to support access by challenger banks to the payment system and (c) using payments data to tackle financial crime and fraud is not delayed in the period before the establishment of the payment systems regulator; and if he will make a statement.

Photo of Sajid Javid Sajid Javid The Financial Secretary to the Treasury

The Government will continue to support ongoing work in these areas, including that being carried out by the Payments Council, in the period leading up to the establishment of the payment systems regulator.

In our response to the Parliamentary Commission on Banking Standards in July of last year, the Government committed to asking the new payment systems regulator to urgently examine account portability and payment systems ownership once it is established.

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