Central Banking

OFT to become payments systems regulator

UK - Competition watchdog - UK treasury believes new powers will cut £1bn 'excess profits' made by banks.

The competition watchdog is to be given the power to impose heavy fines on the cheque, credit card and cash machine systems if they fail to foster innovation and open up to new members.

The Treasury will today set out plans for new legislation to regulate payments systems for the first time by putting the Office of Fair Trading in charge of the industry.

The move will surprise many in the

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