FIN.

Category - Payment Services & Electronic Money

EU 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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

BIS report on Open Banking and APIs

BIS has published a report that looks at the growing trend in many jurisdictions towards an open banking.  In particular, the report focuses on those aspects relating to customer-permissioned data sharing, ie where...

EPC 2019 SEPA scheme rulebooks in force

The European Payments Council has confirmed that its rulebooks covering: SEPA Credit Transfers, SEPA Instant Credit Transfers, SEPA Direct Debits, and SEPA Direct Debits Business-to-Business, came into force from 17...

FMLC evaluates exchange tokens

The Financial Markets Law Commission has published a report in which it evaluates some of the live issues and considerations in relation to exchange tokens and virtual currencies. The report provides an overview of...

Regulatory risks of Stablecoins in focus

The emergence of global stablecoins has been a focus point over the past few days, with the FSB, FATF and the G7 Working Group on Stablecoins all publishing statements on the impact and risks of the development of these...

PSR Updates on card-acquiring services

The PSR is currently undertaking a review into the supply of card-acquiring services.  As part of its consultation, it published its proposed approach to the profitability analysis and set out two options – Gross...

FCA updates on Brexit preparations

In a recent speech, Andrew Bailey, the chief executive of the FCA, provided an update on the FCA’s state of preparation for Brexit, and in particular for a no-deal, no-transition Brexit scenario. However, while Mr...

FCA publishes quarterly consultation

FCA’s latest quarterly consultation covers a number of minor changes to the rules that will be made only if there is a no-deal Brexit on 31 October,  and also other miscellaneous amendments including: minor...

PSR update on LINK interchange fees

On 9 September 2019, the PSR published a document setting out (1) the responses it had received to its call for views on the structure of LINK interchange fees and (2) a summary of the roundtable event which discussed...

FCA publishes SCA webpage

As the official deadline approaches for SCA implementation, albeit mitigated by the conditional extension agreed with UK Finance, the FCA has published an overview page setting out the state of play for industry...

Pay.UK call for information

Pay.UK has today published a call for information following a change request which was requested by UK Finance on behalf of seven of their members.  This change would introduce a new requirement to the Faster Payments...

ESAs respond on crypto assets

EBA and ESMA have published a joint response to the Commissions’ paper on crypto-assets.  The response explains the work the ESAs are undertaking, including an imminent national stock-taking exercise on the...

EBA FinTech report published

The EBA has analysed the regulatory landscape for FinTech firms, both in terms of activities around the regulatory perimeter and within authorisation.  The report sets out the findings of this analysis, including...

FCA discusses AI in financial services

In a recent speech, Christopher Woolard of the FCA considered three lenses through which the FCA views the issues relating to AI: what are new, and what are existing issues; how to ensure that AI creates value for...

FCA reviews non-bank PSP safeguarding

FCA has carried out a review of  the safeguarding arrangements of 11 non-bank PSPs. It wanted to see how well they complied with the requirements of the EMRs and PSRs and found both good and bad practices. Among its key...

CMA launches digital advertising market study

The CMA has launched a study into online platforms and digital advertising. The study will focus on harm caused by consumers in connection with three areas of digital advertising: the extent online platforms (such as...

PSR updates on access and governance

The PSR has published its fourth report on access to payment systems and governance of system operators.  Key developments since the last update are: 12 new participants joining FPS, Bacs and CHAPs in 2018 (with the...

EBA reports on 2018 work

The EBA has published its Annual Report for 2018.  The Report records the key areas of focus for the EBA in 2018, in particular the development and maintenance of the single rulebook, and the work on payments and the...

FCA extends temporary permissions deadline

FCA has confirmed the deadline for EEA firms to notify it of their intention to use the temporary permissions regime is now 30 October. FCA has updated its website with details of how the TPR applies, and its policy for...

Treasury presses on with MLD5 implementation

HMT has opened a consultation on the implementation of MLD5.  Treasury proposes a number of changes to UK law, and seeks views on its proposals in several areas. Aspects of MLD5 addressed in the consultation include:...

PSR ADOPTS SMR PRINCIPLES

As a wholly owned subsidiary of the FCA, the Payment Systems Regulator (PSR) has announced that it is adopting and applying the same core principles of the Senior Managers Regime as the FCA. A formal description of the...

FCA publishes final no-deal Brexit rules

Perhaps in anticipation of what would follow later in the day, FCA published its final instruments and guidance that would apply in the event of a no-deal, no-implementation period Brexit, on the morning of 29 March...

FCA looks at life beyond Brexit

In a speech on Brexit delivered by Nausicaa Delfas, Executive Director of International, the FCA reminded firms that the deadline for notifications under the temporary permissions regime is 28 March 2019.  Firms that...