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Visa hits out at Cruickshank

Credit card network Visa International has criticised Don Cruickshank&#39s report into banking competition released last month which called for a new regulator for payment systems like Visa.

Visa&#39s European Union region president Johannes van der Velde said in a letter to the Financial Times that Cruickshank had repeated inaccuracies and misconceptions about Visa&#39s operations.

He slammed Cruickshank for denouncing the effectiveness of Britain&#39s new Competition Act before the new authority had had a chance to exercise its powers.

But Van der Velde has welcomed the UK Government&#39s more reflective view on how to ensure that the payments systems are open to new competition.


Internet payments to clear immediately

The Association of Payment Clearing Services have agreed that by next year, internet payments will be credited or debited straight away. The new payment system was announced after it met last week to discuss modernising the 200-year-old cheque clearing system. Cheque and debit card payments could also be speeded up under the reforms.At the moment, […]

Scale of endowment shortfalls revealed

Standard Life figures indicate nearly half its 1.2m endowment mortgage policies are off target and on its current projection rates 530,000 of its customers will not fully repay their mortgages. 120,000 mortgage holders at Royal Insurance and Sun Alliance, 200,000 at Scottish Life, 100,000 at Prudential; 140,000 at AXA Sun Life, 110,000 at Allied Dunbar, […]

Companies in DC link

Invesco is teaming up with Scottish Life to launch a new range ofdefined-contribution pension plans.The fund manager is gearing up to enter the market later this year with arange of DC products including personal and stakeholder plans.ScotLife will provide the pension plans with full third-party admin andsupport.Invesco managing director of UK defined-contribution business DavidButcher says: […]

R&SA joins pension commission battle

Royal & Sun Alliance is the latest provider to join the pension commissionwar in a bid to win market share ahead of stakeholder.The move is part of the company&#39s aim to triple its market share of thegroup pension market by 2004.It is launching new group personal pensions and contracted-inmoney-purchase schemes paying commiss- ion of up […]


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