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Competition in payments systems - new study in 2003

United Kingdom
28/11/2002
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Competition in payments systems - new study in 2003

The OFT has announced that it will launch a new investigation early in 2003 into the market for payment systems in the UK. The study will focus on developments in the payments systems market since the Cruickshank report in March 2000. It will aim to promote understanding among UK businesses and consumers as to how payment systems operate. It will also set the stage for the OFT’s future powers to promote effective competition in payment systems. The OFT will shortly announce the terms of reference for the study.

Following the Cruickshank report in March 2000, the Government accepted the premise that there was insufficient competition in the provision of payment systems in the UK and announced proposals for a new competition regime for the payment systems industry (most recently in HM Treasury’s response to consultation Competition in Payment Systems, August 2001).

It was noted at the time that the recent Queen's speech did not include new legislation. According to the OFT, the Government does still intend to legislate in the area as soon as parliamentary time allows, but presumably will now await the outcome of the investigation.

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