UK: GOVERNMENT DECIDES AGAINST PAYCOM
Article Abstract:
The government has confirmed that it will not be instigating Paycom (the new regulator designed to monitor the banking sector), but will give the jo0b of regulating the payments system to John Vickers, director general of the Office of Fair Trading. The decision comes amid reports that Chancellor Gordon Brown was bowing to industry pressure by not backing Paycom. However, the instigation of new regulatory powers through the Office of Fair Trading has founds support as will still manage to promote competition among the biggest retail banks in Britain. The general consensus of opinion is that it is better to extend an existing body rather than go to the trouble and expense of establishing an entirely new regulatory system.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 2000
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UK: OUTLINE OF BANKING INQUIRY TO BE REVEALED
Article Abstract:
The issues to be examined during the 18 month inquiry into the provision of banking services to small and medium sized business are to be revealed by the UK Competition Commission it announced 3 November 2000. Small business was identified as an area deserving of investigation following claims that UK banks make GB[pound] 5bn in excess profits annually. The Competition Commission will unveil proposed remedies in February 2001 and submit a final report to the government on 19 June 2001.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 2000
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