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UK payments regulator sees competitiveness objective introduced via the backdoor

By Phoebe Seers ( November 18, 2024, 17:19 GMT | Comment) -- Until now, the UK's payments regulator has avoided the additional scrutiny that a competitiveness and growth remit brings with it. Following a letter from the finance minister to the Payment Systems Regulator last week, that appears to have changed. In executing its functions, the PSR must now have regard to the government's growth and competitiveness strategy. That is likely to prove a flashpoint for the fintech sector, which has been irked by the PSR over its handling of fraud reimbursement rules. The UK’s payments regulator appears to have been handed a new competitiveness remit, albeit one that has not been subject to typical legislative scrutiny....

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