FIN.

Category - Payment Services & Electronic Money

Taskforce reports on regulatory reform

The Taskforce on Innovation, Growth and Regulatory Reform has provided its report on reshaping regulation in the UK to the Prime Minister. The report calls for: a common law approach proportionality in application...

PSR consults on new 5-year strategy

The Payment Systems Regulator (PSR) has announced plans for a new five-year strategy. The proposals set out an approach that aims to make sure payments and payment systems work well for everyone and that there is fair...

FSB consults on cross-border payments

The FSB is consulting on global targets for addressing the challenges of cross-border payments. The proposed targets set goals for improving cost, speed, transparency and access for cross-border payments in the coming...

FCA extends SCA deadline to March 2022

The FCA has extended the deadline for implementing Strong Customer Authentication for e-commerce transactions from 14 September 2021 to 14 March 2022. This further 6-month extension is in response to concerns about...

FCA writes to CEOs of EMIs on client money

FCA has written a Dear CEO letter asking e-money firms to write to their customers to explain how their money is protected. It is worried that these firms’ promotions to customers give the impression that their...

FCA consults on new Consumer Duty

The FCA has set out plans for a new Consumer Duty which will set clearer and higher expectations for firms’ standards of care towards consumers. It is hoped that the proposals will drive a shift in culture and behaviour...

FCA and PSR make statement on access to cash

A joint statement from FCA and PSR stresses that although there has been an overall decline in use of cash, withdrawals have started again as restrictions ease, and there must remain access to cash and banking services...

Banking industry supports access to cash

UK Finance and the UK’s largest retail banks and building societies have announced their commitment to continue to preserve access to cash for consumers and businesses over the long term. The 8 financial...

CMA publishes annual concurrency report

CMA has published its 2020/21 annual concurrency report outlining how CMA has worked alongside other regulators, including FCA, to enforce competition law across a range of industry sectors. Highlights from the report...

LSB updates CRM Code

The LSB has published updates to the CRM Code following its review.  The new provisions include those on governance and oversight, and will take effect from 14 June 2021.

Financial Services Bill passed by Lords

Following day three of its Report stage, the House of Lords has passed the Financial Services Bill with amendments. The final amendments to be agreed by the Lords include: an amendment that, in certain circumstances...

LSB looks at APP scam prevention

LSB has stressed the importance of preventing APP fraud in the first place, rather than just ensuring customers who suffer can be reimbursed – critical though that is. It notes that the increase in online and...

PSR publishes plan and budget

The PSR’s annual plan and budget for 2021/22 focuses on what it can do to improve outcomes by encouraging innovation and competition. It will look at scam prevention and access to cash, and will have a focus on...

EU consults on instant payments

The European Commission has launched a targeted consultation on instant payments.  Open until 2 June, the consultation seeks to get technical information from PSPs and providers of technical services, with a view to the...

FMLC responds on cryptoasset regulation

FMLC has responded to Treasury’s call for evidence on the regulation of cryptoassets and stablecoins. Unsurprisingly, it notes many legal uncertainties, not least how to identify a “token”, and...

FCA increases contactless payment thresholds

FCA has published a policy statement outlining the amendments to Article 11 of the  strong customer authentication RTS. The changes increase the single transaction threshold for contactless payments from £45 to £100 and...

LSB sets roadmap for CRM Code review

LSB has published its planned activities for 2021 including updates on the wording of the CRM Bode and a call for input.  Separate to its original plans it is already working on a review of the provision on its approach...

PSR consults on better consumer protection

The 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...

LSB publishes CRM Code review

The LSB has published its review into the CRM Code for APP scams. The review of the voluntary code looked to see how effective it has been in providing greater consumer protection, and to see whether it has had an...

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...

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...

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...

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...

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...

Feedback 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...

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...

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...

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...

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...

FCA 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...

Up 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...

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...

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...

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...

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...

Up 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...

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...

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...

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...