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Duopoly had raised their cross-border interchange rates for online transactions fivefold since Brexit
Losses rose to £485mn, despite fall in cases at banks that joined compensation scheme
Treasury select committee criticises proposal that Pay.UK enforces compensation scheme
Card networks under investigation over levies on UK-EU transactions
Frontrunner to be UK prime minister eyes merger of FCA, PRA and PSR
Watchdog says Visa and Mastercard have increased cross-border transaction fees fivefold
Announcement comes alongside government commitment to ensuring access to cash
Groups to pay more than £33m after being found to have broken competition law
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