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UK payments regulator’s growth promises aren’t likely to move critics

By Phoebe Seers ( January 29, 2025, 16:01 GMT | Comment) -- The UK's financial services regulators are finding themselves in the government's firing line. Finance Minister Rachel Reeves has been clear that she expects a new approach from them in light of the government's relentless pro-growth agenda. Payments regulation has been criticized as especially cumbersome and complex — eating up as much as 90 percent of firms' budget allocated to improving their operations. However, the payments regulator has been slow to get on board. In a recently published letter, it repeated old promises around innovation and effectiveness that are unlikely to appease its critics.UK financial regulators have come into the government’s firing line. Only today, Finance Minister Rachel Reeves criticized their complex rules and lack of predictability in a key speech on economic growth (see here)....

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