To ask the Chancellor of the Exchequer what recent discussions he has had with the Payments System Regulator on its market study into the ownership of payments systems by the largest banks.

At Budget 2014, my right hon. Friend the Chancellor of the Exchequer announced that the competition powers of the payment systems regulator would be switched on with immediate effect. This enables the regulator to conduct a market study on ownership of the payment systems and, depending on the outcome, to refer the question of ownership to the Competition and Markets Authority. The decision about whether to commence a market study is one for the regulator.