Author Archives: Brett Carr

Minor amendment to PRIIPS RTS published in the Official Journal

Background A corrigendum to Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards (RTS) with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling […]

ECB: Brexit clock is ticking

Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, talks about developments in the preparatory work of banks and supervision in light of the UK leaving the European Union, Supervision Newsletter (Summer 2017) In summary, Lautenschläger said that: all affected banks should prepare themselves with […]

bank for international settlements releases working paper on fintech opportunities

The BIS has today released Working Paper No 655 (the FinTech Opportunity) by Thomas Philippon. The paper assesses the potential impact of FinTech on the finance industry. It documents first that financial services remain surprisingly expensive, which explains the emergence of new entrants. It then argues that the current regulatory approach is subject to significant political […]

eba publishes fintech discussion paper

The European Banking Authority has published a Discussion Paper on its approach to financial technology (FinTech). The EBA sets out in the Discussion Paper the results of the first EU-wide FinTech mapping exercise and its proposals for future work on FinTech. To gain a better understanding of current FinTech activity in the EU, in spring 2017, […]

faster payments has successfully tested payments in the tens of millions of pounds

In an announcement from Faster Payments, it was announced a ‘Live Proving’ exercise was carried out to test the ability for all existing Participants to receive a payment of a significantly higher value than the current £250,000 limit. First multi-million pound Faster Payments The exercise was successfully completed on Tuesday 11th July 2017, with all 16 Participants […]

PSR publishes consultation on Direct Debit Facilities Management: Switching providers

The Payment Systems Regulator has published its Consultation on provisional conclusions and proposals to change the Direct Debit rules relating to the switching of Facilities Management providers. Organisations wishing to collect money from their customers via Direct Debit (such as charities and local councils) must be approved, or ‘sponsored’, by a bank or building society […]

EBA releases CP on fraud reporting requirements under psd2

The EBA’s Consultation Paper on the Guidelines on Fraud Reporting under PSD2 (EBA/CP/2017/13)  has been developed  in close cooperation with the European Central Bank (ECB) to ensure that the high-level fraud reporting requirements under Article 96(6) of the PSD2 are implemented consistently among Member States and that the aggregated data provided by competent authorities  to the […]

8 EU states offer to host the EBA post-brexit

The EC has today announced that the following cities have proposed to host the EBA: Brussels (Belgium) Dublin (Ireland) Frankfurt (Germany) Paris (France) Prague (Czech Republic) Luxembourg-City (Luxembourg) Vienna (Austria) Warsaw (Poland) The applications will be assessed on the basis of six criteria agreed by the 27 member states: guarantees that the agency will be operational when […]

FCA to consider whether there is a place for unarranged overdrafts in the modern banking market

In a Feedback Statement published today, the FCA stated that: they have significant concerns about how unarranged overdrafts operate. Charges are high, complex and potentially harmful. Based on the evidence they have to date, they believe there is a case to consider fundamental reform of unarranged overdrafts and consider whether they should have a place in any modern […]

Payments strategy forum releases its consultation on the blueprint for the future of UK payments

The Forum has published its Blueprint for the Future of UK Payments for public consultation until 22nd September 2017. The Consultation is an opportunity for everyone to have their say on the detailed design for the New Payments Architecture (NPA) and the future of payments in the UK. The Forum is hosting a Consultation Briefing Session […]