Author Archives: Brett Carr

FCA Launches cyber security guide in wake of cyber attacks

FCA’s guide can be found here. FCA has designed the guide to help firms, particularly smaller businesses, become more resilient to cyber attacks and to respond appropriately to cyber incidents. FCA has seen a significant increase in the number of material cyber incidents reported to it over the last three years: from five incidents in […]

Faster Payments launches Trust Service that will potentially cut the cost for challenger banks and others of obtaining the services that are essential to securely access the UK’s payments systems

In order to be able to access customer-sensitive data needed to use Faster Payments, participants need to have the use of a Public Key Infrastructure (PKI) Trust Service, which manages the digital certificates that are essential to keep customer information secure. Faster Payments created the service after it determined that the costs of the existing […]

ECB to develop a service for the settlement of instant payments by end of 2018

The Governing Council of the ECB has decided to develop a new service for the settlement of instant payments. The new service, TARGET instant payment settlement (TIPS), will enable citizens and firms to transfer money between each other in real time and will be available around the clock, 365 days a year. The ECB is […]

eiopa responds to commission’s consultation on fintech

EIOPA has responded to the Commission’s consultation on FinTech. EIPOA notes that digitalisation / InsurTech is of strategic importance for the insurance and pensions sector. It has an impact in all of the areas of the value chain. They also note that there are  some risks arising from digitalisation that supervisory authorities need to examine very […]

Lending Standards Board considers enhancements to take account of technological advancements

The Lending Standards Board (LSB) published a report (dated May 2017) setting out the findings of its Standards Development Project (SDP) on digital. The SDP included credit card, loan and overdraft products. In the report, the LSB notes that, in the context of the Standards, the most significant areas of digital development for firms are […]

EBA provides draft response to EC consultation on Fintech

The EBA has produced a draft response to the EC’s consultation on ‘Fintech: a more competitive and innovative European Financial Sector.’ The response sets out the EBA’s views on questions in the consultation paper that fall within the scope of the work of the EBA. The EBA provided responses on the following topics: Big data […]

BOE speaks on effects of ring-fencing for customers

In a speech by James Proudman (Executive Director, UK Deposit Takers Supervision, Prudential Regulation Authority, Bank of England),  it was discussed that the key component of the ring-fence is to provide ‘efficient resilience’ for domestic banking services (critical functions of lending, deposit-taking and payment services for retail and small corporate customers) ‘on which UK households and companies […]

EBA publishes 2016 annual report – some key areas of focus for 2017

The EBA published its 2016 Annual Report, which provides a detailed account of all the work the Authority achieved in the past year and anticipates the key areas of focus in the coming years. Some of the EBA’s key areas of focus for 2017 are: Monitoring FinTech and the regulatory perimeter   the EBA will continue […]

LSB looks at digital developments

LSB has reviewed its Standards to assess whether any amendments are needed to take account of various digital developments.  It considered the effects of digitalisation of the customer experience on the whole customer journey apart for credit card, loan and overdraft products. Key findings included: firms increasingly use third parties to supply the required technology, […]

ESMA responds on Fintech

ESMA has responded to the Commission’s consultation on Fintech. It sees Fintech as a positive evolution so long as business models continue to aim to improve the customer experience and financial inclusion. It identifies some concerns that it thinks need to be addressed, including: the risks (from a market integrity and investor protection standpoint) and costs […]