Payment Services and SCA Today, the FCA has published an updated version of its webpage on strong customer authentication (SCA) under the Payment Services Regulations 2017 (PSRs 2017). Protecting customers –...
Author - Natasha Brownlee
Natasha Brownlee
Annual increase to FOS award limit confirmed
The FOS award limit is the maximum amount FOS can require a firm to pay when it upholds complaints. This limit is adjusted each year in line with inflation. From 1 April 2020, the new award limit will be: £355,000 for...
PSR release Confirmation of Payee update in light of Covid-19
On 20 March, the PSR released an update on Confirmation of Payee (CoP) in light of Covid-19. The PSR have considered their regulatory approach and all things considered have advised the directed banks that if they are...
PSR update on card-acquiring market review
On 16 March, the Payment System Regulator (PSR) released an update on their publication of the interim report on card-acquiring services. It was originally thought that the report would be published in late 2019 but it...
EBA sets out 2020 priorities for digital finance
On 3 March 2020, the EBA published a speech by José Manuel Campa, EBA Chair, from the 4th Annual Conference on Fintech and Digital Innovation: Delivering the Future. Various areas of digital finance including the...
New FCA webpage on PSPs
The FCA have today published a new page on their website on payment service providers (PSPs). The page is aimed at consumers and explains the different kinds of PSPs, and the protections afforded to consumers when...
Climate Change and Financial Services: COP26 Private Finance Agenda launched
On 27th February, Mark Carney launched the ‘COP26 Private Finance Agenda’ at the Guildhall in London. The overarching goal of the Agenda is that every professional financial decision will need to take climate change...
FCA speech on penalties, remediation and General Principles
On 12 February, Mark Steward, Executive Director of Enforcement and Market Oversight made a speech at an event on Investigations and Enforcement: A Guide to Managing Regulatory Action. Key takeaways from the speech...
PSR makes policy statement on Confirmation of Payee and Specific Direction 10
On 20 January 2020, the PSR consulted on varying specific direction 10 (SD10) on confirmation of payee. SD10 was given to the six largest banks in August 2019, requiring them to implement confirmation of payee from 31...
FCA writes to credit brokers
The FCA wrote to credit brokers on 13 February 2020 identifying the key drivers of harm within the credit broking portfolio. These include:- failure to understand regulatory requirements; poor oversight of staff and...
FCA recognises Standards of Lending Practice for business customers
The FCA has published a feedback statement (FS20/1) on the recognition of the Lending Standards Board’s (LSB) Standards of Lending Practice for business customers and updated its webpage on recognised industry codes...
FCA tells CMCs to raise advertising standards
The FCA has conducted a review of financial promotions issued by CMCs. CMCs are required to provide information to consumers that is fair, clear and not misleading under rules that were introduced in April. The rules...
FCA provides more time to implement Secure Customer Authentication
The FCA has set out an agreed plan that it will not take any action against firms that are not ready for the strong customer authentication (“SCA”) EU rules by 14 September this year. In the plan, the FCA...
FCA announce delay of publication of rules for CFD
Further to our article in December, the FCA have published a statement announcing that it is delaying publication of final rules for CFD products and CFD-like options. The FCA consulted on permanent rules to restrict...
Andrew Bailey looks at the future of financial conduct regulation
On 23rd April, Andrew Bailey, Chief Executive of the FCA, released a statement on the future of financial conduct regulation. He used a four lens approach when looking at conduct regulation. These can be summarised as:...