BACS and Faster payments controlled by one person


#1

So with the issue with Faster Payments, I noticed there has been no discussion about the recently merging of the two payment processors, which are now controlled by an individual person rather than a group of banks.

To me that seems rather risky allowing someone to control trillions of transactions.

Might be regulated but regulation doesn’t mean protection always as we have seen with the collapse of some big regulated organisations due to wrong doing.

Surely it’s a very risky strategy from the Bank of England to allow a company with only one person with significant control to basically control a big part of the UK banking system.