FIN.

Category - Payment Services & Electronic Money

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...

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...

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...

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 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...

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...