Central Banking

UK Treasury proposes payments regulation overhaul

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The UK Treasury on July 19 unveiled proposals to improve regulation of the country's payments industry, setting out three possible options to improve or supplement the Payments Council, the body currently responsible for payments strategy in the UK.

The Treasury said it favoured the creation of a Payments Strategy Board (PSB), which would not have full regulatory powers but would allow for greater transparency and accountability than the current system. The PSB would make recommendations to the

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