The UK’s Financial Conduct Authority (FCA) is planning to launch a new regulator to oversee the country’s payment systems by April 2015.
FCA said that the payment systems will process over seven billion transactions, worth over £75trn each year.
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According to FCA, the new regulator will focus on promoting competition, innovation and ensuring that payment systems operate in the interests of their users.
Additionally, the regulator will be responsible to ensure payment systems work for customers.
Under the Banking Reform Act (2013), the new independent regulator for payment systems will operate as a subsidiary of the FCA.
FCA CEO, Martin Wheatley, said: "This sector is critical to the economy so it must reflect the needs of people and firms and enjoy their confidence. We need to know if the sector is as open as it should be to new entrants into the market and whether consumers are getting the best possible deal."
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