FinTech Futures: Top five stories of the week – 19 August 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Competition and Markets Authority
Monzo and Starling top latest CMA customer satisfaction survey
The results are from a survey carried out between July 2021 and June 2022 by market research firm Ipsos.
FinTech Futures: Top five stories of the week – 29 July 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Monzo rapped by CMA over failure to provide transaction history data
The challenger informed the CMA it had failed to send transaction histories to more than 13,000 customers.
FinTech Futures: Top five stories of the week – 20 May 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
UK watchdog green lights $5.3bn Visa-Plaid deal
CMA finds no competition issues with Visa’s mega-deal.
UK regulator probes Visa’s acquisition of Plaid
The UK’s CMA is looking into potential anti-competitive implications.
UK’s open banking tech hits one million customer milestone
The number doubled in the last six months.
PayPal’s iZettle acquisition raises UK competition concerns
UK’s Competition and Markets Authority poking around.
UK watchdog investigating Nasdaq’s $190m bid for Cinnober
Competition and Markets Authority checking things out.
FCA and CMA demand transparency in banking service quality
Asking banks to publish customer ratings.
UK watchdog takes legal action over Barclays PPI breach
Barclays failed, for a second time, to send annual reminders to PPI customers.
UK watchdog approves Cardtronics purchase of ATM provider DCP
Cardtronics’ $460-million purchase of rival ATM provider DirectCash Payments (DCP) has finally been approved by the UK’s Competition and Markets Authority (CMA). Back in May 2017, Cardtronics had to offer undertakings due to competition concerns, and initially didn’t. The CMA said at the time: “As Cardtronics has not offered these undertakings, the CMA will now […]
UK regulator balances the looks for current accounts
The UK’s Financial Conduct Authority (FCA) has launched proposals to help people compare the service levels for personal and business current accounts. The FCA proposes that firms offer information on how long it takes to open an account; how long it takes to replace a lost, stolen or stopped debit card; and the number and […]
UK watchdog backs PSR plan for merger of three payment bodies
The UK’s Payment Systems Regulator (PSR) has got approval from the Competition and Markets Authority (CMA) for its plan for the consolidation of the operators of three payment systems. As first reported in May, the PSR aimed to get Bacs Payment Schemes (BPSL), Cheque and Credit Clearing Company (C&CCC) and the Faster Payments Scheme (FPSL) […]
UK competition watchdog tells ICE to sell Trayport
The UK’s Competition and Markets Authority (CMA) has finally decided that Intercontinental Exchange (ICE) should sell Trayport to preserve competition in wholesale energy trading. As Banking Technology reported in August, the CMA “provisionally” found ICE’s acquisition of Trayport may give rise to competition concerns. After lengthy investigation, CMA says: “As a result, ICE will now […]
UK watchdog reveals rules to fuel open banking
Open Banking, the implementation entity set up by the UK’s Competition and Markets Authority (CMA), has released its accounts and transaction information and payments initiation API specifications. The payments initiation API will enable third parties to set up secure payments on behalf of customers and, once authorised by the customer, submit the payment for processing. […]
UK watchdog pushes hard on open banking plan
The UK’s Competition and Markets Authority (CMA) is ramping up its efforts for open banking within the nation’s retail banking scene. As reported in February, the CMA published its 766-page final report on the retail banking market and its open banking goals. At that time, it said it will offer overdraft users the opportunity to […]
CASS plays Casanova to CMA’s current account commitments
The UK’s Current Account Switch Service (CASS) says it meets one of the commitments set out in response to the Competition and Markets Authority’s (CMA) final report into retail banking. As Banking Technology reported in January, the CMA accepted undertakings from the Bacs payment scheme, which owns and manages CASS, that commit it to delivering […]
UK watchdog driving open banking revolution
The UK Competition and Markets Authority (CMA) says its banking “final order” is giving people greater control over their money and reckons the open banking revolution is getting closer. As Banking Technology reported in August, the CMA unveiled its plans to make banks “work harder for customers” and ensure the “benefits of new technology are […]
Viva la open banking revolution!
As with any revolution, open banking will have winners and losers. How to stay competitive in the digital era?
CMA comments on current account switching plans & VocaLink’s takeover by Mastercard
The Competition and Markets Authority (CMA) in the UK has accepted undertakings from the Bacs payment scheme that commit it to delivering the improvements required by the CMA retail banking market investigation within a year.
CMA voices concerns over VocaLink’s takeover by Mastercard
The Competition and Markets Authority (CMA) has found that Mastercard’s acquisition of VocaLink gives rise to competition concerns.
UK’s Financial Conduct Authority calls for current account competition
The UK’s Financial Conduct Authority (FCA) says it will take action to improve competition in the current account market. This follows a series of recommendations which were proposed by the UK’s Competition and Markets Authority (CMA) as part of its investigation into retail banking. Christopher Woolard, executive director of strategy and competition at the FCA, […]
UK competition watchdog cools ICE’s Trayport acquisition
The UK’s Competition and Markets Authority (CMA) says it has “provisionally” found Intercontinental Exchange’s (ICE) acquisition of Trayport may give rise to competition concerns. ICE is the largest operator of exchanges and clearing houses in the trading of European utilities. It has its own proprietary software which allows trading of energy commodity and utility derivatives […]
UK watchdog pushes for open banking revolution
The UK’s Competition and Markets Authority (CMA) has unveiled its plans to make banks “work harder for customers” and ensure the “benefits of new technology are fully exploited”. The CMA’s final report on its retail banking market investigation concludes that “older and larger banks do not have to compete hard enough for customers’ business, and […]
