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27 November 2002
The Office of Fair Trading is to launch a new market investigation early next year looking into payment systems developments. This empirical study will give a clearer picture of this particular sector of the financial services industry.
It will focus on developments in the payments systems area since the Cruickshank report in March 2000. In addition to promoting understanding of how payment systems operate - a matter of importance for all UK businesses and consumers - this work will help pave the way for the OFT's prospective powers to promote effective competition in payment systems, which the Government intends to legislate for as soon as parliamentary time allows.
The terms of reference for the study will shortly be finalised in consultation with interested parties.
Terms of reference finalised
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