UK Payments Council, Chinese Audits, ECB Moves: Compliance
18.05.12
(Updates with SEC-Canellos in Compliance Policy, MF Global Special Section and Jefferson County in Courts.)
Nov. 11 (Bloomberg) -- Treasury Minister Mark Hoban said he will introduce proposals next year to regulate the Payments Council, a banking-industry body that runs Britain's payments system.
Hoban said in a speech in London yesterday that while Britain has a “world class” payments industry he wants it to be “even more responsive, innovative and competitive,' according to remarks released by his office.
The Treasury, Bank of England and Financial Services Authority will spell out their plans early in 2012 and seek the views of banks and consumer groups before deciding the extent and shape of the overhaul. The decision to act follows a call from lawmakers to regulate the payments system.
Hoban wants the body to speed up implementing new technologies that would benefit consumers. He is seeking person- to-person payments via mobile phone, simplified direct debits and Internet payments to retailers direct from bank accounts.
Source: BusinessWeek