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<p>As set out in the Government amendments to the Banking Reform Bill, the new Payment Systems Regulator will have three payment systems objectives:</p><p>1. The competition objective—to promote effective competition in:</p><p>(a) the market for payment systems, and</p><p>(b) the markets for services provided by payment systems, in the interests of those who use, or are likely to use, services provided by payment systems.</p><p>2. The innovation objective—to promote the development of, and innovation in, payment systems in the interests of those who use, or are likely to use, services provided by payment systems, with a view to improving the quality, efficiency and economy of payment systems.</p><p>3. The service-user objective—to ensure that payment systems are operated and developed in a way that takes account of, and promotes, the interests of those who use, or are likely to use, services provided by payment systems.</p> |