FIN.

Category - Payment Services & Electronic Money

Further FSMB revisions released

Parliament has published the latest raft of proposed amendments to the FSM Bill. These include: a change to the very first sub-clause, replacing the revocation of the EU and EU-derived legislation in the schedule so...

FSMB Committee stage timetable published

Following the announcement that the Committee stage in the Commons will begin on 19 October, a timetable for the sessions has now been published. Key witnesses scheduled to appear on that day include BoE, PRA, FCA and...

FSMB Committee stage scheduled for 19 October

An update to the Parliament website shows the Committee stage for the Financial Services and Markets Bill will start on 19 October.  After the line by line debate is complete, the Bill will be republished for report...

BoE consults on AI discussion paper

The BoE is consulting on its discussion paper about how artificial intelligence (AI) may affect financial regulation. The discussion paper looks at how the current regulatory framework applies to AI; it considers how...

PSR sets out APP scam protection proposals

PSR is consulting on how to increase consumer support for APP scams.  Following the initiatives it has taken to date, the new measures will: require reimbursement in all but exceptional cases; improve and make...

FCA speaks on role of regulation in growth

Sarah Pritchard, Executive Director at FCA, has spoken on the regulator’s role in encouraging growth.  Key points in her wide-ranging speech included: FCA’s commitment to showing speed and agility, providing...

FOS publishes H1 complaints data

FOS has published its regular half-yearly update on complaints data relating to individual businesses. 212 businesses feature, with an average uphold rate of 37% (the same as the previous period). FOS has also reported...

FOS publishes latest complaints data

FOS has published its latest quarterly data on complaints in relation to financial products. The data covers the period of April to June 2022, and can be accessed in full as a spreadsheet. Over the period, the average...

FCA responds to Premier FX complaints

FCA has upheld or partially upheld 5 out of the 31 complaints it received from people who lost money when money remitter Premier FX collapsed. The issues relate to events which happened some time ago, and in relation to...

UK Finance publishes UK payment market report

UK Finance has published a report on trends in UK payment markets in 2021 and forecasts up to 2031. Unsurprisingly, the report looks at the effects of the pandemic on payments that fell and then recovered, and at the...

EU reaches agreement on crypto measures

The EU has reached agreement on critical elements of crypto-asset regulation. The European Parliament and the European Council have reached a provisional deal new legislation aiming to ensure that crypto transfers can...

FCA hosts CryptoSprint events

The FCA hosted its first policy-focused CryptoSprint events in May and June 2022. The objective of the events was to seek industry views around the current market and the design of an appropriate regulatory regime...

PSR updates on card-acquiring market review

Following its initial consultation, the PSR has now published its provisional decision in relation to remedies for the card-acquiring market review. The PSR has launched a second consultation on proposals for three...

FCA speaks on regulating finance in the UK

Charles Randell, FCA and PSR Chair, has delivered a speech on regulating finance for the whole of the UK. Highlights include: Importance of partnerships and policy coherence – the FCA recognises the continued importance...

EU reaches deal on DORA

The EU Commission, EU Council and EU Parliament have reached agreement on the Commission’s proposal for a Digital Operational Resilience Act (DORA). The new rules aim to harmonise and strengthen digital...

Queen’s Speech 2022 – FS elements

The Queen’s Speech 2022 outlined the government’s legislative priorities for the next parliamentary session. The measures announced include two bills of particular interest to financial services...

MEPs vote on draft crypto legislation

MEPs from ECON and the Committee on Civil Liberties have voted to adopt their position on draft crypto legislation which forms part of the EU’s wider package of measures aimed at strengthening AML/CFT rules in the...

CMA publishes Annual Plan for 2022/23

The CMA has published its Annual Plan which explains how it will protect consumers, promote competition and help support the economy in the year ahead. It aims to encourage innovation, productivity, and sustainable...

New rules on cryptocurrencies in the EU

MEPs have agreed on draft rules on supervision, consumer protection and environmental sustainability of crypto-assets, including cryptocurrencies such as bitcoins. For those issuing and trading crypto-assets, the new...

CAT determines the ‘domicile date’

CAT has published its Judgment giving further guidance on the ‘domicile date’, which is the date specified in a CPO. The domicile date operates to determine the persons who fall within the class definition...

PSR issues new Specific Direction 12 to LINK

The PSR has given Specific Direction 12 (SD12) to Link Scheme Holdings Ltd (LINK) allowing them to maintain the broad geographic spread of the UK’s free-to-use (FTU) cash machine network. The new Direction follows...

FCA updates on SCA expectations

FCA has updated its webpage on SCA to explain the changes to the SCA-RTS in respect of the new exemption that means customers will not need to reauthenticate when accessing account information through a TPP, if ASPSPs...

PSR publishes response to CoP consultation

The PSR has published PS22/1 Confirmation of Payee: response to consultation CP21/11 ending dual running. The document assesses the implementation of Phase 1 thus far, and introduces Specific Direction 11 which will...

BIS updates on 2022 work programme

BIS has announced that its Innovation Hub will launch new projects in 2022, including those relating to: central bank digital currencies (CBDCs); next generation payments systems; and Decentralised Finance (DeFi). The...

PSR consults on card-acquiring services review

The PSR has published a consultation on remedies for its card-acquiring market review. This follows its report in November 2021 which identified the following three features of concern in relation to how the market...

PSR publishes new strategy

The PSR has published its new strategy which sets out its priorities and desired outcomes within the payments sector over the next 5 years. This follows the PSR’s consultation last year, for which it has now...

FCA updates on skilled persons reviews

FCA has published the figures for the skilled persons reviews commissioned in October – December 2021. There were 12 in total, of which 4 were on retail banking and payments firms and 3 on investment management...

FCA outlines new authorisation fee structure

The FCA has set out the new structure for authorisation application fees which takes effect on 24 January 2022. The current charges are being condensed into 10 simple pricing categories and the following additional...

FCA updates TPR information for payment firms

The FCA has updated its webpage on cancelling temporary permissions to include information for payment services and e-money firms in the TPR or the supervised run-off (SRO) regime. FCA has also published new forms for...

EPC issues SEPA reminder

The European Payments Council (EPC) has published a press release reminding Single European Payments Area (SEPA) payment scheme participants to comply with the EU Revised Wire Transfer Regulation (2015/847)...

FCA updates on rule changes

FCA’s latest Handbook Notice confirms, among other things: changes to SUP to clarify what FCA expects to see reported on form FIN-A changes to LIBOR rules (previously reported in FIN) and changes to the value...

PSR extends ATM Direction

The PSR has extended Specific Direction 8, which requires LINK to do all it can to fulfil its commitment to maintain the broad geographic spread of free-to-use ATMs. Specific Direction 8, as varied by Specific Direction...

PSR updates Specific Directions on Pay.UK

The PSR has published its decision on varying Specific Directions 2 and 3 on Pay.UK. This follows the PSR’s consultation earlier this year in which it consulted on proposed changes to Specific Directions 2 and 3...

ECJ delivers ruling on interpretation of PSD2

In Vodafone Kabel Deutschland GmbH v Bundesverband der Verbraucherzentralen und Verbraucherverbände – Verbraucherzentrale Bundesverband e.V., the Oberlandesgericht München (Higher Regional Court – Munich) made a request...

PSR consults on CoP: ending dual running

The PSR is consulting on the wider implementation of Confirmation of Payee, following its adoption by the UK’s largest banking groups.  It has published a draft direction to ensure migration to the Phase 2...

UK Finance makes Open Banking recommendations

UK Finance has published a report setting out its recommendations for the future strategy of open banking. Open banking payments have increased exponentially over the past 3 years and there are now over 2.5m each month...

PSR announces next steps to stop APP fraud

The PSR has set out its latest plans to force the financial sector and others involved in the digital ecosystem to prevent APP fraud. It is consulting on plans to: require the UK’s largest banking groups to...

PSR publishes card-acquiring services report

The PSR has published its final market review into the supply of card-acquiring services. The report concludes that the supply of card-acquiring services does not work well for SME merchants and large merchants with...

PSR responds on COP call for views

PSR issued its call for views on the wider implementation of Confirmation of Payee in May 2021.  It has now set out the findings from its call for views and its plans and expectation on industry for the next step. It...

FCA publishes 2020/21 Perimeter Report

The FCA has published its latest Perimeter Report, in which it calls for greater consumer protection and legislative change to address concerns beyond its remit. Highlights include recommendations that: duties on...

Government publishes Payments Landscape Review

The government has published its response to the 2020 Payments Landscape Review: Call for Evidence. The relevant consultation, which ran from 28 July 2020 to 20 October 2020, sought views from across the sector to be...

PSR panel publishes annual report

The PSR panel has published its annual report for 2020/21 which outlines how it has engaged with the PSR over the last year. Key themes that the panel highlighted over the last 12 months include the rapid acceleration...

FCA Chair speaks on risks of token regulation

Charles Randell, Chair of the FCA and PSR has delivered a speech on the risks of regulating crypto tokens. Speech highlights include: whilst platforms’ efforts to crack down on fraudulent advertisements are welcome, a...

Banks back Confirmation of Payee extension

Following Pay.UK’s confirmation that the reach of the Confirmation of Payee Service (CoP) will be extended, a group of the UK’s major banks has written to the PSR to provide a public commitment to deliver...

Next steps for the Consumer Duty

The FCA’s consultation on a new Consumer Duty has now closed and the FCA has outlined its next steps. After considering the responses, the FCA will set out the proposed text for any new rules in a second...