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Payments need a lighter touch

City AM

Competition and innovation in bank payments risk being undermined if the system’s new regulator is too heavy handed, a report from Demos Finance warns.

The government is setting up a regulator to ensure new and smaller banks get a fair deal when using larger rivals’ systems. But analysts at Demos worry some actions to address this could backfire, prompting banks to withdraw services rather than comply. The think tank also wants the new regulator to consider potential uses for collecting tax data.