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UK Payments Regulator Takes First Action For Non-Compliance

The UK’s Payment Systems Regulator (PSR) has taken enforcement action for the first time, issuing public censure against the country’s cheque clearing operator, although it opted not to impose a fine.

The PSR scolded the Cheque & Credit Clearing Company on Thursday for multiple breaches of transparency rules, after it failed to publish board meeting minutes within an eight-week timeframe.

The regulator said a financial penalty “would be merited” but decided it could slow down the organisation’s development of a national cheque image clearing system (ICS).

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