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UK to begin 'fit for purpose' review of payments regulation, Hammond says

( June 20, 2019, 21:00 GMT | Official Statement) -- MLex Summary: The UK Treasury will review the "payments landscape" to make sure policy and regulation remains "fit for purpose" as the first wave of fintech innovation matures, the UK's finance minister Philip Hammond has said. In a Mansion House dinner speech, the UK chancellor said the review will bring together "policymakers and regulators to make sure that our regulation and infrastructure keeps pace with the dizzying array of new payments models." He also noted that while "wholesale reform" of prudential and conduct regulation has helped the financial sector travel a long way since the crisis, this progress is now "overshadowed by Brexit."Speech follows....

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