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UK Treasury panel demands industry payments group be brought under regulatory control

By James Crisp ( August 24, 2011, 16:23 GMT | Insight) -- The UK’s Treasury Select Committee has called for the Payments Council, an “industry-dominated” standard-setter, to be incorporated into a formal regulatory framework after it planned to abolish cheques. Meanwhile EU policymakers are debating the future of payments systems and who has responsibility for setting the direction of business.Brussels – The UK’s Treasury Select Committee has called for the Payments Council, an “industry-dominated” standard-setter, to be incorporated into a formal regulatory framework....

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