FSA issues retail banking consultation paper

Next year the FSA will become responsible for regulating banks and building societies payment transactions under the Payment Services Directive (PSD). The paper considers whether it would be more effective to extend the FSA's regulation across all aspects of banks' relationships with their retail customers. This would exclude credit, such as unsecured loans and credit cards, which is regulated by the Office of Fair Trading. The regulator wants full application of its Principles for Business to the regulated activities of accepting deposits and issuing electronic money. It also proposes n...