Central Banking

New payments regulator in UK may have uneasy relationship with BoE

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The UK's newly formed Payment Systems Regulator (PSR) may find its objectives at odds with those of the Bank of England (BoE), the Treasury Select Committee warned yesterday.

Andrew Tyrie, the MP who chairs the committee, suggested the BoE's efforts to secure a smooth process of resolution when a bank fails could be at odds with the PSR's objective of securing "innovation and competition" in the payments market.

In her testimony, Hannah Nixon, the PSR's managing director, said: "That is an area

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