MLex: The UK’s financial services regulators are finding themselves in the government’s firing line. Finance Minister Rachel Reeves has been clear that she expects a new approach from them in light of the government’s relentless pro-growth agenda. Payments regulation has been criticised as especially cumbersome and complex—eating up as much as 90% of firms’ budget allocated to improving their operations. However, the payments regulator has been slow to get on board. In a letter published on 28 January 2025, it repeated old promises around innovation and effectiveness that are unlikely to appease its critics.
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