The Competition and Markets Authority in the UK squandered a "once in a generation opportunity" with its investigation into competition in the retail banking sector, Professor Diana Coyle, the founder of Enlightenment Economics, told MPs from the House of Commons Treasury Select Committee.
"I was really disappointed that the report focuses on demand-side changes which might make some marginal difference, but they don't really address the central, structural issues," she said.
Caroline Barr, from the Financial Services Consumer Panel (an independent statutory body set up by the authorities to represent the interests of consumers), said the report had failed to identify how much customers pay for current accounts or how much banks profit from them.
A group of US banking regulators has followed the FBI in warning banks about the potential for further cyberattacks utilising the SWIFT interbank messaging system. The Federal Financial Institutions Examination Council said banks should "actively manage the risks associated with interbank messaging and wholesale payment networks".
Visa has launched an issuer-branded digital commerce app in the US allowing issuers to "offer their own digital payment experience to cardholders, while keeping their brand and relationship with the cardholder front and centre." More than 40 financial institutions have already signed up to the Visa Digital Commerce App, which provides a range of card management services.
Tencent is looking to expand its WeChat Pay presence in Japan through a partnership with Japanese social data provider Hotto Link that will see WeChat Pay available in 10,000 outlets in the country by year end. WeChat Pay has more than 300 million users in China but only has a limited presence in Japan, where it is seeking to compete with UnionPay as a payment service for Chinese tourists.
PayPal wants to be more than just a last resort for 170m users
Sovereign debt rule changes threaten EU bank finances
Telefonica plans banking launch in Spain — report
French bank SocGen ordered to pay rogue trader for wrongfully firing him
Number26 faces down customer outrage
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