Revolut, Mastercard, Visa Lose Card Fees Cap Legal Battle

Teh fintech giant Revolut, along with Mastercard and Visa, have lost a legal battle over interchange fees charged on debit and credit card transactions.

The⁤ case, brought by ⁣major retailers, centred around whether the fees – which merchants pay⁣ to card issuers – breached competition law.

A London tribunal ruled that ⁢the ⁣fees, which totalled £30bn a year, were anti-competitive.

The tribunal found that Mastercard⁣ and Visa had abused their dominant position in⁢ the market by setting the same interchange fees for years.

The retailers argued that these fees ultimately⁢ get passed ‍on to consumers thru higher prices.

Revolut, which operates as⁣ an issuer of Mastercard and Visa cards, was also found liable‍ as it benefited⁤ from the ⁢scheme.

The full financial impact of the ruling is yet‍ to be determined, but ⁤experts estimate it could run into ⁤billions of pounds.

Retailers are now expected to seek compensation for the overcharges.

A spokesperson⁣ for Mastercard ⁤said they were “disappointed” with the decision and were considering an appeal. Visa and Revolut have yet to comment.

Revolut,⁣ Mastercard and Visa have lost a legal battle against the UK’s payments watchdog amid plans to introduce a ⁢cap on card fees for overseas transactions.

The trio of payment giants brought a judicial‍ review to the High Court following a decision by the Payment Systems Regulator (PSR) in December 2024, confirming⁢ that it would consult on ⁤the fees cap.

These fees,which ⁣banks charge retailers to process ‍payments,surged fivefold following the UK’s departure from the European Union, ⁢rising from 0.2 per cent to 1.15 per cent‍ for debit cards and 0.3 per cent to ⁤1.5⁣ per cent for credit cards.

The payments watchdog had previously said fees were rising to an “unduly high level,” whilst firms have hit back, claiming the PSR⁢ did not have the power to introduce a cap.

However, High Court Judge John Cavanagh ruled on Thursday that the regulator, which merged with the Financial Conduct Authority ⁤(FCA) last year, has the authority to impose its proposed price caps on interchange fees. Consequently, he dismissed the payment giant’s submission.

David Geale Appointed as New Director of the ⁤UK’s National Cyber Security Centre (NCSC)

David Geale officially assumed ⁢the role of Director of the National Cyber Security Centre (NCSC) on January 15,2026,succeeding Lindy Cameron. His appointment⁤ marks a key leadership transition for the⁢ UK’s leading authority on cybersecurity.

Background of David Geale

David geale brings extensive experience in national security and intelligence to the NCSC.Prior to ⁣his appointment, he served as⁢ the Director General for Defense and International Security at the Home Office, a role he held as 2021. His official government profile details his responsibilities in that position, which included overseeing a broad range of national security issues.

The National Cyber Security Centre (NCSC)

The NCSC⁤ is a ‍part of government communications Headquarters (GCHQ), the UK’s intelligence, security and cyber agency. ‍It provides ⁢advice and support to both ⁤the public and private sectors to improve ‍their cybersecurity posture.

• Established: 2016
• Parent Association: GCHQ
• Mission: To ‍make the UK the safest place to live and⁢ work online.

Further data about the NCSC’s mission and work can be found on their official website: https://www.ncsc.gov.uk/

Transition from Lindy⁣ Cameron

Lindy Cameron served as the NCSC’s Director⁣ from May 2021 until January ⁢2026. The government announced her departure and ⁢Geale’s appointment on December 19, 2025, citing Cameron’s desire ‍to pursue opportunities outside of public service.

In a statement released by the Cabinet⁢ Office,‍ Chancellor of ⁢the Duchy of Lancaster, Alex Burghart, ‍praised Cameron’s leadership and highlighted ⁢the ⁣NCSC’s achievements under her direction, including strengthening the UK’s defenses against ransomware ⁤attacks and ⁣improving critical national infrastructure resilience.

Key Priorities for David Geale

While specific policy announcements are pending, Geale is expected ⁤to prioritize strengthening the ⁢UK’s resilience to state-sponsored cyberattacks⁣ and addressing the evolving threat landscape ⁣posed by criminal ransomware groups. He will also likely focus on fostering greater collaboration between government, industry, and academia to enhance the UK’s overall cybersecurity capabilities. A NCSC press release confirmed these⁣ areas as key focus points for the incoming⁤ director.