Payments Strategy Board created to reform Payments industry

The Government has published a consultation on the future regulation and governance of the UK payments industry.

According to Financial Secretary to the Treasury, Mark Hoban, the industry has not always responded effectively to the needs of consumers, most notably over plans to abolish cheques, so reform is needed.

Capital One should return to customers about $150 million

More than 2 million Capital One credit card customers will get refunds totaling $150 million as part of a settlement reached with federal banking and consumer protection regulators. The bank also must pay $60 million in penalties for deceptive marketing and billing practices, according to the agreement announced Wednesday.

Payments by credit card prevails over cash

Consumers could expect to see more chances to save money by paying cash for merchandise, following a landmark settlement reached between credit card companies and retailers.