FIN.

Category - Payment Services & Electronic Money

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...

FCA publishes Business Plan

FCA’s 2021/22 Business Plan highlights: how FCA has to change as the environment in which it operates changes and how investment in technology and changes in culture are key to this; the need to enable customers...

More of FS Act comes into force

The second Commencement Order under the FS Act 2021 brings into force: on 28 June the provisions on forfeiture of money in relation to EMIs and payment institutions, as they extend to Northern Ireland; and on 1 July...

BoE speech: A new dawn for payments

Speaking at City Week 2021, Victoria Cleland (Executive Director for Banking, Payments and Innovation at the BoE) talked about the evolution of payments systems in the UK, the BoE’s vision for the future and the...

LSB updates on CRM code review

LSB has published its follow up review of the CRM Code in respect of firms’ approach to reimbursing customers. Provision R2(1)(c) of the Code allows firms to decline reimbursement in specific cases. LSB looked at...

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...

EBA reports on industry readiness for SCA

The EBA has published a report on data provided by PSPs on their readiness to apply strong customer authentication (SCA) for e-commerce card-based payment transactions. Despite PSPs in some jurisdictions lagging behind...

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...