British banking body calls for supervision of tech challengers

Technology companies offering banking services should be regulated in the same way as banks to ensure that consumers are properly protected, the British Bankers' Association (BBA) said on Tuesday. Companies such as Google and Apple have emerged as challengers to banks, offering payment services such as ApplePay and Google Wallet. Facebook said last week that it is introducing a new app to allows users to send and receive money. "More choice is good news for all, but it's vital that regulators provide a level playing field, giving customers the same robust protection wherever they choose to bank," BBA Chief Executive Anthony Browne said.



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