Emma RadmoreThe PSR is calling for views on: how to mandate reimbursing victims of APP scams: It thinks that a combination of requiring banks and building societies to publish their APP scam data, having a standardised approach to...
Category - Payment Services & Electronic Money
Lucy HadrillUK Finance reports on “future ready payments”
UK Finance and PWC have produced a report on the opportunities and challenges for the UK payments industry over the next 10 years. The report looks at how the sector should meet its aims of delivering customer benefits...
CAP guidance on delayed payment services
In December the Committee of Advertising Practice (CAP) published new guidance on marketing communications for delayed payment services. This specifically relates to those services not regulated by the FCA. The guidance...
Nicky StrongFCA consults on changes to SCA-RTS and payment services perimeter guidance
FCA is consulting on: changes to the RTS on SCA. Key changes will include: a new exemption from SCA when customers access their information through an AISP; mandating the use of APIs by ASPSPs to faciliate TPP access to...
Quincecare Duty is limited to agents of the customer and does not extend to individual customers
In a decision that will be welcomed by the banking industry, the High Court in the case of Philipp v Barclays Bank UK plc [2021] EWHC 10 (Comm) has confirmed that the “Quincecare Duty” placed upon banks is...
Scott NodderFCA publishes Covid resilience survey results
FCA has published the results of the survey it sent to 23,000 forms on the real-time effect the pandemic is having on their resilience. Among its conclusions are: failures of firms due to the economic downturn are...
FCA reminds firms to be prepared for Brexit
With the end of the Brexit transition period in sight, the FCA has issued a press release reminding firms to be prepared. The FCA expects firms to have assessed the impact of the changes that will take effect, on both...
Angie BamboulisSupreme Court dismisses Mastercard’s appeal on collective proceedings
The Supreme Court has dismissed an appeal by Mastercard against a Court of Appeal ruling that annulled the Competition Appeal Tribunal’s (CAT) refusal to grant a collective proceedings order in Mastercard...
BoE Financial Stability Report
The Bank of England published the Financial Stability Report for December. The report sets out the Financial Policy Committee’s view on the stability of the UK financial system and what it is doing to remove or...
APP CRM Code interim funding to continue to June 2021
UK Finance has confirmed that 7 signatories to the APP CRM Code have agreed to extend the interim funding to compensate victims of scams until the end of June 2021. The funding will apply where the customer and the...
EC speaks on evolving payments market
In her speech, EU Commission Executive Vice-President Margrethe Vestager discussed the impact of the Interchange Fee Regulation and noted that: technology has resulted in a proliferation of payment methods available to...
EPC Report on Payment Threats and Fraud Trends
The European Payments Council (EPC) has published its report on payment threats and fraud trend for 2020. The report attempts to create awareness amongst stakeholders involved in the payments domain to allow them to...
Treasury consults on insolvency changes for payment and e-money firms
HM Treasury is proposing to introduce changes that will help protect customers in the event of a payment or electronic money institution being put into insolvency. The Government says the changes will strengthen...
FCA and PSR Terms of Reference on Access to Cash
On 16 June, the PSR and FCA set out its plans to work with the industry and develop shared solutions to deliver appropriate and sustainable access to cash that meet consumers’ needs, including responding to changing...
EPC publishes the first SRTP scheme rulebook
Following a three-month public consultation, the European Payments Council (EPC) has published the first version of the Single European Payments Area (SEPA) Request-To-Pay (RTP) scheme rulebook. The rulebook covers the...
PSR intends to operate confidentiality ring as part of card-acquiring services market review
The PSR has published a Notice of intention to operate a confidentiality ring following the publication of its interim report in the market review into card-acquiring services in September 2020. Following a request by a...
FCA makes new rules
FCA’s latest Handbook Notice confirms it has made the following rules at its last 3 board meetings: changes to reflect the extension of various SMCR deadlines as a result of the pandemic (made in October); the...
HM Treasury extends consultation deadlines
Financial Services Future Regulatory Framework Review Phase II Consultation – further to the consultation document published on 19 October 2020, the consultation has been extended by one month to 19 February 2021...
EU statement on EU-Japan Joint Financial Regulatory Forum
The European Commission has published a statement on the second meeting of the EU-Japan Joint Financial Regulatory Forum which took place on 20 November. Topics of discussion at the meeting included the impact of Covid...
Pay.UK reports on impact of COVID-19 on SME business banking
Pay.UK published its findings from its research into the impact of COVID-19 on SME business banking. Overall, SMEs are more likely to say that they are satisfied (rather than dissatisfied) with their bank’s...
Latest Denizbank ruling on interpretation of PSD2
The First Chamber of the Court of Justice of the EU (CJEU) has made a preliminary ruling in the case of Denizbank AG v Verein fur Konsumenteninformation (Case C-287/19) [ECLI:EU:C:2020:897]. It has clarified the...
Government heralds future financial services regulation
Rishi Sunak has announced a range of measures the UK is now to take to ensure the financial services industry moves forward. In a speech, he praised all the measures the industry has taken to date and through the...
EBA reminds firms to finalise Brexit plans
EBA has reminded firms that, from the end of the transition period, UK firms can no longer provide services to EU customers on a passporting basis. It notes that: UK financial institutions offering services to EU...
Pay.UK: Consumer Protection Landscape
Pay.UK published a paper yesterday providing an overview of the UK consumer protection landscape relating to disputed payment transactions. The paper sets out the payments landscape, the consumer protection landscape...
Caroline StevensonFeedback to CP20/18 on eIDAS published
The FCA today published PS20/13: Amendments to the open banking identification requirements (eIDAS) certificate). This policy statement sets out the feedback to CP20/18 and sets out the near final rules amending...
HMT consults on financial services regulatory framework post-Brexit
HM Treasury has published a consultation paper in relation to Phase II of its Financial Services Future Regulatory Framework Review. HMT is seeking views on proposals for the financial services regulatory framework post...
FSB issues final report on CIRR toolkit
The Financial Stability Board (FSB) has published its final report on a toolkit of effective practices for financial institutions’ cyber incident response and recovery (CIRR). The toolkit aims to assist financial...
ESRB publishes Recommendation on identifying legal entities
The European Systemic Risk Board (ESRB)’s Recommendation A proposes that: EU legislation incorporates a common EU legal framework governing the identification of legal entities established in the EU that are...
Lords responds to HMT on equivalence
Baroness Donaghy, chair of the House of Lords EU Services Sub-Committee, has responded to HMT’s letter of 21 September which set out the Government’s responses to previous queries of the Sub-Committee on UK...
EBA consults on PSD2 major incident reporting
EBA is consulting on a proposed revision of its guidelines on major incident reporting under PSD2. It wants to make the process better, simpler and more streamlined, and reduce the number of operational incidents that...
BoE updates timelines for ISO 20022 migration
The BoE published an update today setting out the revised timetable for ISO 20022 migration: Phase 2 (TS2): Implementation date next year has been pushed back from April to June. From June 2022, BoE will require all...
FSB reports on global stablecoins
The Financial Stability Board (FSB) has published its finalised high-level recommendations for the regulation, supervision and oversight of “global stablecoin” (GSC) arrangements. The report says that GSC...
FSB Roadmap to enhance cross-border payments
The FSB has today published a roadmap which has been delivered to G20 Finance Ministers and Central Bank Governors in advance of their meeting tomorrow. The roadmap sets out the FSB’s opinion on how the key...
HMT writes to House of Lords on equivalence
The Economic Secretary to HM Treasury, John Glen MP, has responded to the House of Lords EU Services Sub-Committee’s queries on UK-EU regulatory cooperation for UK financial services post-Brexit. In its letter to...
Regulatory Initiatives Grid heralds return to “normality”
FCA has published the second edition of the Financial Services Regulatory Initiatives Forum’s Regulatory Initiatives Grid. The grid, first published in May, is aimed to help firms see upcoming regulatory work...
Pay.UK consultation update (Next Generation Standard)
Pay.UK has published an update on it’s consultation on the ‘Next Generation Standard for UK Retail Payments’. The update includes details on Pay.UK’s recommendations for the adoption of ISO 20022...
PSR publishes interim report on card acquiring services
PSR has published its interim report with provisional findings on the supply of card-acquiring services. It says merchants should shop around to get a better deal from their provider or switch to a new one, but that...
Jonny WilliamsFCA finalises access to cash guidance
FCA has published its finalised guidance on what firms should do if considering closing branches or ATMs, or starting to charge for ATM use. The guidance makes it clear firms must keep FCA informed of any relevant...
FCA and PSR publish annual reports
FCA has published its annual report and accounts for 2019/20. The report notes FCa’s key achievements for the year. Apart from the obvious measures to address the problems caused by Covid-19, it highlights:...
FCA publishes quarterly consultation
FCA’s latest quarterly consultation mainly covers: onshoring changes to the Handbook or technical changes FCA will need to make as a result of onshoring. It asks for comment on the bulk of the changes by 4...
FCA to reopen TPR window
FCA has updated its website pages on the Temporary Permissions Regime. It plans to reopen the TPR notification window on 30 September to allow for further new notifications, and to allow fund managers to update...
BoE updates webpage on ISO 20022
The Bank of England (“BoE”) has updated its webpage on ISO 20022, the emerging global standard for payments messaging. The update confirms that BoE will go-live with ISO 20022 in April 2022 as currently...
Amelia GreenUp next from FCA
FCA’s latest Policy Development Update heralds: consultation on financial crime reporting during Q3; PS on debt advice levy rates in Q4; CP on exit fees in investment platforms and comparable firms during 2021; PS...
PSR focuses on APP scams
The PSR has stressed the importance of the CRM Code in reimbursing victims of APP scams. It notes the Covid-19 pandemic has changed the way many people make payments, and left many of them vulnerable to fraud. The Code...
PSR encourages innovation and competition in payments
Genevieve Marjoribanks, head of policy at the PSR, says the PSR is looking at what consumer protections are available and whether they adequately protect those who use bank transfers to make payments. The PSR is...
HMT Payments Landscape Review – Call for Evidence
In light of recent developments in technology, HMT announced in June 2019 that it was leading a Payments Landscape Review. The first stage of this review, released today, is a Call for Evidence paper which sets out the...
Andrew Graham-SmithECB takes steps to ensure pan-European reach for instant payments
On 24 July, the European Central Bank (“ECB“) announced that it has taken significant steps to support the full deployment of instant payments across the euro area which, it says, can be ensured by the end...
FCA updates on sandbox
FCA has announced its acceptance of 22 businesses into cohort 6 of its sandbox. It had received 68 applications, mainly from the retail banking, payments and retail lending sectors. More than half were seeking to...
Regulation round up highlights refunds, SMRC delays and next steps in Covid-19 consumer protection
FCA’s latest Regulation Round up covers the usual update of FCA’s recent publications, and reminds them of some earlier, still relevant, statements, not least: the confirmed new guidance for motor finance...
Government updates on cash infrastructure
The Joint Authorities Cash Strategy Group (the BoE, PSR, FCA and Treasury) has published an update on the work it is doing to safeguard the UK’s cash infrastructure. The group members have been working closely to...
Enhancing Cross-border Payments – A Global Roadmap
Building on the FSB’s report published in April this year, the Committee on Payments and Market Infrastructures released its Stage 2 report. This report aims to identify the building blocks with which a roadmap...
FCA finalises Covid-19 payment services guidance
FCA has finalised its guidance to payment and e-money firms on safeguarding customers’ funds in light of the impact of Covid-19. Alongside the guidance is a portfolio strategy letter to CEOs of relevant firms...
Commission begins Brexit warning notices
The European Commission has stated the process of sending Stakeholder Preparedness Notices, to summarise for stakeholders the effect of Brexit on over 100 sectors. It had originally published these notices during...
Up next from FCA
Over the rest of 2020, FCA plans the following: consultations on mortgage borrowing and mortgage prisoners (now overdue), debt advice levy rates and exist fees in investment platforms (Summer 2020) and on financial...
FCA imposes requirements on Wirecard
FCA has imposed a number of requirements on Wirecard, an authorised EMI which is also subject to the PSRs. As a result of ongoing investigations and actions in Germany involving Wirecard’s parent company, FCA...
PSR publishes updated Powers and Procedures Guidance
The Payment Systems Regulator (“PSR“) has published its revised Powers and Procedures Guidance (“PPG“) and a revised version of its Interchange Fee Regulation Guidance (“IFR“) which...
Pay.UK heralds COP launch
Pay.UK has heralded the introduction of Confirmation of Payee and has reminded users of the importance of using “first name surname” rather than a nickname on payment details. Its data shows that 34% of...
Natasha BrownleeUp next from FCA
FCA’s latest Policy Development Update highlights the following publications due over the next few months: CP on marketing speculative illiquid securities to retail investors (including speculative mini-bonds); CP...
EBA issues Opinion on obstacles to the provision of TPPs under the PSD2
The European Banking Authority (“EBA“) has published an Opinion on obstacles to the provision of third party provider services (“TPPs”) under the Regulatory Technical Standards...
PSR speaks on key payments issues and Covid-19
On 3 June, the Payment Systems Regulator’s (“PSR“) Head of Policy, Genevieve Marjoribanks, delivered a speech at PSR’s Payment Systems Innovation and Regulation Summit. She acknowledged the challenges...
Compulsory FCA survey coming to firms
FCA is to send a survey by email with a link to 13,000 solo regulated firms, aimed to helping FCA understand the impact of Covid 19 on regulated firms and their financial resilience, where the greatest impacts are for...
Pay.UK launches rules and standards for Request to Pay
Pay.UK has launched its Request to Pay framework comprising the message standards, rules and terms and conditions for developing Request to Pay services. Organisations can use it to create the first Request to Pay...
FCA consults on safeguarding
FCA is consulting on how firms can strengthen their safeguarding protections during the Covid-19 crisis. The consultation focuses on the provision of additional guidance for payments firms to strengthen the way they...
FCA makes new rules
At FCA’s May Board Meeting it made 3 new sets of rules: the Covid-19 Premium Finance Instrument, which took effect from 18 May and introduced the new requirements on payment deferrals and other measures for...
Government publishes draft EU/UK FTA
The Government has published a draft Comprehensive Free Trade Agreement between the UK and EU. Chapter 17 of the agreement relates to financial services, which it defines as “any service of a financial nature...
EBF publishes cross-border payment guidance
EBF has published guidance for payment service providers in the form of examples and FAQs on implementation of the Cross-Border Payments Regulation. The guidance comes as EBF members have raised queries about charges...
FCA updates on Covid-19 and complaints
FCA has updated its webpage on how firms should be handling consumers’ complaints during Covid-19. The page explains that FCA has asked firms to prioritise making payments where consumers have accepted offers or...
FCA speaks on response to Covid-19 and Brexit
Nausicaa Delfas has spoken on FCA’s national and international response to Covid-19 and Brexit. On Covid-19, she noted: FCA’s priority to keep markets open and orderly, help firms continue to operate...
Government sets out equivalence views
John Glen has written to the Chair of the European Scrutiny Committee explaining the Government’s stance on equivalence in financial services. The Government cannot provide great detail given the early stage of...
Update on PSR Call for Input (CP20/2) on Payments Architecture
The PSR published an update today confirming that it will now be closing its call for input into competition and innovation in the UK’s new payments architecture on Monday 1 May 2020 at 5pm. Responses should be emailed...
PSR publishes APP scam thoughts
The PSR has published a summary of a conference call between key players in the payments industry to discuss the progress being made in tackling APP scams. It decided to go ahead with the call, not least as Covid-19 has...
FCA publishes update on Strong Customer Authentication
In 2019, new rules on how banks or payment services providers verify customers’ identities or validate payment instructions were introduced to further enhance the security of payments and limit fraud. These...
Parliament Committee seeks equivalence answers
The Third Report of Session of the House of Commons European Scrutiny Committee seeks clarification on the Government’s intentions for negotiations of equivalence arrangements with the EU from the end of the...
FCA issues Covid-19 guidance for consumers
The FCA has explained that is working closely with the Government, the Bank of England, the Payment Systems Regulator and firms to ensure markets continue to work well for consumers. This includes making regular contact...
Rachael PrestonEU writes to Chancellor on equivalence
Valdis Dombrovskis has written to Rishi Sunak on equivalence assessments. The letter merely notes that both sides should start to assess equivalence as soon as possible, on the basis of the Political Declaration, with a...
Treasury Committee responds on IT failure and economic crime reports
The Treasury Committee has commented on the responses from Government and regulators on: its October report on failures in the IT industry. The report had concluded, among other things, that: regulators need to improve...
Budget 2020: Key notes for Financial Services
The Regulatory update within the 2020 Budget included the following key notes: Financial Services Bill – this will provide long-term market access between the UK and Gibraltar for financial services firms...
The Treasury Committees approves Bailey, but says it will keep an eye on the FCA
The Treasury Committee has today published its report on the appointment of Andrew Bailey as Governor of the Bank of England. Whilst it is satisfied that Mr Bailey has the professional competence and personal...
Up next from FCA
FCA plans the following publications: consultation on exit fees in investment platforms and comparable firms (March); consultation on listing of OEICs (Q1); consultation on changes to DEPP, EG and the financial crime...
Updated SEPA Rulebooks published
On 5 March 2020, the European Payments Council published the updated rulebooks covering: SEPA Credit Transfers, SEPA Instant Credit Transfers, SEPA Direct Debits, and SEPA Direct Debits Business-to-Business. They...
Deputy Governor of Financial Stability says “It’s time to talk about money”
Sir Jon Cunliffe delivered a speech on the future of the banking system and of cash payments. He noted that the forms money takes in society change as the structure of economies changes, as the ways in which we transact...
APP Scams Interim Funding Extension
UK Finance confirmed on 27 February that the payment service providers who have provided the interim funding arrangement since May last year, have agreed to extend their funding to the end of the year (31/12/20). This...
Barnier to be EU negotiator on post-Brexit issues
The Council of the EU has adopted a decision authorising negotiations between the EU and UK towards a new partnership and authorising the European Commission, in the person of Michel Barnier, as the EU negotiator. The...
Financial services after Brexit updates
The EU Financial Affairs Sub-committee has opened an inquiry into financial services after Brexit and has been taking evidence. Most recently it has been questioning the BoE and FCA. They largely discussed the key...
FCA publishes annual sector views
The FCA has just published its annual sector views report which comprises a state of the nation in terms of the financial services industry. The report sets out the drivers for change in each financial services sector...
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...
EP publishes negotiating mandate with UK
The European Parliament has published its proposed mandate for a new partnership with the UK. The declaration acknowledges that the “close relationship” that will subsist and which, according to the...
Pay.uk calls for views on retail payment standards
Pay.uk is seeking views on the recommended approach of how global standard ISO 20022 should be used as part of the standards for the NPA. Its consultation builds on previous agreements and the direction it has...
FCA updates further on post-Brexit issues
FCA has further updated its website with information on Brexit and Temporary Directions. It explains how: It will not need to use the Temporary Transitional Power it had previously made directions under, as the...
PSR Call for Input (CP20/2) on Payments Architecture
The PSR today published a call for input into competition and innovation in the UK’s new payments architecture (NPA). The document includes details of the potential competition issues that the PSR have identified...
Progress update on PSR’s work
Chris Hemsley, Managing Director of the Payment Systems Regulator (PSR) delivered a speech at last week’s Westminster Business Forum: Payments, policy and regulation – infrastructure, innovation and end-user...
BOE updates on ISO 20022
The BOE has published the final ‘like-for-like’ message set for the Introductory Phase of the ISO 20022 CHAPS migration. ISO 20022 will be the new international standard for payments messaging. The update includes the...
EBA updates its guidelines on fraud reporting under PSD2
The European Banking Authority (EBA) has published amendments to its 2018 guidelines on fraud reporting under the revised Payment Services Directive (PSD2). The amendments: introduce two new data fields for reporting...
PSR consults on COP exemption requests
The PSR is consulting on a potential variation to its Specific Direction 10 on Confirmation of Payee. It had previously told the members of the UK’s 6 largest banking groups that they must fully implement COP by...
Queen’s Speech highlights Brexit free trade hopes
The Queen’s Speech, as expected, highlighted Brexit, noting the priority to deliver it on 31 January, and thereafter to seek a free trade agreement with the EU and other leading global economies. The accompanying...
FPC publishes latest Financial Stability Report
In its latest Financial Stability Report, the FPC has published its latest stress testing results and current view on the stability and state of the UK financial system. In addition to its comments on open-ended funds...
EPC notes key payment threats
The European Payments Council has published its third annual Payment Threats and Fraud Trends report. The report discusses the risks and trends, including those caused by: social engineering; malware; “advanced...
EU calls for halt on stablecoins
The European Council and Commission have called for a halt on any stablecoin arrangements in the EU, saying they should not start operating until the legal, regulatory and oversight challenges and risks have been...
FCA publishes quarterly consultation
FCA’s latest quarterly consultation – on minor miscellaneous handbook changes, proposes, among other changes: clarification on how FSCS cover applies to claims against appointed representatives and...
Regulators develop work on Operational Resilience
The BoE, the PRA and the FCA have developed a joint policy summary setting out new requirements for operational resilience for regulated firms and financial market infrastructures (FMI). The work is spearheaded by...
Roseyna JahangirFCA publishes ‘approving financial promotions’ webpage
In the light of its new temporary restrictions on the financial promotion of ‘mini-bonds’, the FCA has provided guidance for firms approving the financial promotions of unauthorised persons. The new page on...
Pay.UK update on APP fraud reimbursement
Following publication of its call for information in August , Pay.UK has now announced its conclusions and recommendation. Pay.UK concluded that the call for information revealed a lack of consensus among payment...
Financial Inclusion
On Tuesday night, we hosted our first ever Talking Money event in partnership with the Scotsman newspaper in our Edinburgh office. The event focused on the topic of tackling financial exclusion in Scotland. The...