The Payments Council has provided input for the Competition and Market Authority (CMA) study on the personal current account market and small and medium sized enterprise (SME) banking markets. The response focuses on: the development and success of the Current Account Switch Service (CASS); the impact of Paym; and financial institution access to payment systems.
What this means for you
The report confirmed that the Payments Council is supportive of initiatives that increase competition for customers and new entrants including challenger banks. The Payments Council believes that recent initiatives, including CASS and Paym, have been designed and implemented to help foster competition in the personal current account and SME banking markets. It welcomes the introduction of a new Payment Systems Regulator (PSR).