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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.

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