Petrol retailers' welcome payments sector regulator

Published 09/10/2013 00:00:00 in Press Releases

The Petrol Retailers’ Association (PRA), the trade body representing independent forecourts in the UK, welcomes government plans for a new regulator for the payments sector.

The government has announced the creation of a new, utilities-style regulator charged with increasing competition in the payments services industry. The new regulator will sit under the Financial Conduct Authority and aims to increase competition within the market as well as monitor and investigate those within it.

Brian Madderson, PRA Chairman commented “The PRA have lobbied the HM Treasury for the creation of a specific regulation for the payment services industry and for greater transparency of the costs associated with cards, therefore today’s announcement is extremely positive for our members.

“It is particularly encouraging that the Payment Systems Regulator will have the power to amend and regulate the fees set by card companies.

“Competition is fierce in fuel retailing and the numbers of independent forecourts in the UK continue to close at an alarming rate. Around 70% of all transactions are made with some form of card. Therefore, with 60% of the price of fuel being made up of tax and gross profits falling between 2-3%, greater competition in card charges can mean the difference between staying in business and going bust.

“This is a positive move that the PRA have lobbied tirelessly for and we hope that this will keep some of our members in business and halt the declining number of forecourts seen over recent years”.

ENDS

Notes for editors:

Keely Scanlan, Press Officer
Mob: 07825 097 697
Press Office direct line: 020 7307 3422
Press Office fax: 020 7307 3406

Web: www.rmif.co.uk Email: keely.scanlan@rmif.co.uk


The Retail Motor Industry represents the interests of operators in England, Wales, Scotland, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. 

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