Caroline StevensonOn 9th May 2019, the PSR published a consultation paper (CP19/4) setting out its response to the first Confirmation of Payee consultation and setting out it’s draft specific direction for further consultation...
Category - Payment Services & Electronic Money
Roseyna JahangirHM Treasury sets up Joint Authorities Cash Strategy Group
In a letter to the Treasury Committee, the Chancellor has announced the formation of the Joint Authorities Cash Strategy (JACS) Group. The membership of the Group will be HM Treasury, the BoE, FCA and PSR. The aims of...
FIN. Team
EBA Opinion on Passport Notifications for E-Money Agents and Distributors
The EBA has published an opinion on the nature of passport notifications regarding agents and distributors under PSD2, 2EMD and MLD4. In particular, the opinion provides clarity on: the criteria that national competent...
Angie BamboulisTreasury 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:...
Emma RadmorePSR 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...
EBA PSD2 API working group publishes second set of clarifications
The EBA has published the second set of responses to issues raised by its Working Group on PSD2 APIs. These issues relate to: API performance and support, the identification of Third Party Providers (TPP) that are...
Commercial BankingConductConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
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...
PSR publishes Annual Plan and Budget for 2019/2020
The Payment Systems Regulator (PSR) published its annual plan and budget setting out its key objectives and activities for 2019/2020. The PSRs key initiatives include: to protect people from Authorised Push Payment...
FOS letter to Treasury Committee on reasonable adjustments under the Equality Act
On 26th March 2019, the House of Commons Treasury Committee published a letter from Caroline Wayman (FOS Chief Ombudsman and Chief Executive) to Nicky Morgan (Committee Chair) setting out the requirements to make...
Commercial BankingConductConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
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...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
What the Spring Statement brings for regulation
In the Chancellor’s Spring Statement, the Chancellor referred to the need to ensure financial regulation can adapt to a no-deal Brexit and then, longer term, to the UK’s new constitutional position.
EBA Working Group on PSD2 APIs: first set of clarifications published
Following the first meeting of the EBA Working Group on APIs under PSD2, the EBA has published the first set of issues identified and consequent clarifications. The issues relate to the testing environment mandated by...
Consumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
EU agrees draft directive to enhance consumer protection
The EU has agreed the terms of a draft directive that, if passed, will amend a number of consumer protection directives, including the consumer rights directive (2011/83/EU), to introduce measures such as: harmonised...
APP Scam Steering Group announces voluntary code to combat fraud
The Authorised Push Payment (APP) Scams Steering Group announced that it has agreed a voluntary Code of good practice. The Code aims to better protect customers and reduce the occurrence of APP fraud. It sets out the...
Commercial BankingConductConsumer CreditEnforcement & LitigationFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
BoE and FCA update on Brexit approach
BoE and FCA have updated their respective websites with coordinated information on their approach to a hard Brexit. BoE has published a series of materials setting out its updated plans to its supervisory approach to a...
Commercial BankingFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
FCA renews call for firms to prepare for Brexit
The FCA has published sector-specific information to help regulated firms ensure they are prepared for the consequences of Brexit, including a no-deal Brexit. The guidance covers banking and payments, life insurance...
Revised Guidelines on outsourcing published by EBA
The EBA has published a revision to the Committee of European Banking Supervisors’ 2006 Guidelines on outsourcing arrangements. The revised guidelines take into account and are consistent with CRD IV, MiFID II...
Commercial BankingConsumer CreditFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
Court rules that Brexit is not frustrating event for a lease
The High Court has ruled that a European agency cannot terminate the lease of their premises at Canary Wharf on the basis of Brexit being a ‘frustrating event’. Our article provides more detail on this case...
EU Customers to get currency conversion transparency and cheaper transfer costs
The Commission has published a fact sheet on legislative changes that will give customers from non-Euro Member States access to cheaper intra-EU euro payments. The new Cross-Border Payments Regulation, that will take...
European Parliament votes to abolish high costs for cross border payments within EU
The European Parliament has approved new rules to prohibit high charges on cross-currency payments within the EU. The new rules will mean that charges for cross-border payments in the single euro payments area (SEPA)...
EBA sets up PSD2 working group
EBA has set up a working group on APIs under PSD2. It has published details of its meetings and the group on a new website page.
Commercial BankingConductInsurancePayment Services & Electronic MoneyRetail BankingSMCR & Governance
ESMA briefs on non-EU branches
ESMA has published a supervisory briefing aimed at helping supervisors dealing with non-EU branches of EU firms. It highlights how the supervisors should ensure that the non-EU branch can comply with the requirements of...
ConductConsumer FinanceEnforcement & LitigationFintech & InnovationFundsInsurancePayment Services & Electronic MoneyPensionsRetail Banking
ESMA creates Brexit page
ESMA has created a new web-page on Brexit, setting out how it is preparing for it. Its latest agreement is a MoU with BoE for recognition of CCPs and the Central Securities Depository. It aims to recognise all UK CCPs...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury lays Brexit FS SI before Parliament
Treasury has laid before Parliament the Financial Services (Miscellaneous)(Amendment)(EU Exit) Regulations 2019. The wide-ranging instrument amends several pieces of UK and retained EU law relating to financial...
FCA publishes rules and guidance for payment services and e-money sectors
Following its consultation on general standards and communication rules for payment services and e-money sectors, the FCA has now published final rules and guidance on, among other matters, the extension of the...
Commercial BankingConsumer CreditEnforcement & LitigationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA agrees Brexit MoUs with European securities regulators
As part of the preparation for a ‘no-deal’ Brexit, the FCA has agreed MoUs with ESMA and with EU and NCAs, covering supervision, enforcement and information exchange, including in relation to credit rating...
Consumer CreditEnforcement & LitigationFinancial Crime PreventionPayment Services & Electronic MoneyRetail Banking
FCA makes new rules
FCA’s latest Handbook Update lists rules made in December and January. The key changes: amend the rules on PCAs and Overdrafts from 18 December 2019: these changes amend BCOBS and CONC to tackle low levels of...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury Committee launches post-Brexit FS inquiry
The Treasury Committee has started a new inquiry looking at financial services in the UK after Brexit. Its focus is to look at: what the UK’s financial services priorities should be when negotiating the UK’s...
PSR publishes TOR for card-acquiring services review
The PSR has published its final terms of reference for its market review into the supply of card-acquiring services. the review will look at a variety of issues including how merchants buy the services, whether there...
Consumer CreditFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyRegulated MortgagesRetail Banking
Treasury writes to Treasury Committee on no-deal planning law
The Treasury has written to the Treasury Committee enclosing a draft of secondary legislation that would give temporary transitional powers to the UK financial regulators in the event of a no-deal Brexit that would...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyRegulated MortgagesRetail Banking
FCA to look at product governance and research unbundling
A set of oral evidence given to the Treasury Committee includes statements from FCA that: it is now content on how to interpret the mortgage affordability test compliantly with the MCD and now plans to consult on...
Commercial BankingConductConsumer CreditEnforcement & LitigationFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
New Financial Services head at Womble Bond Dickinson
We are delighted that Jonny Williams has joined the financial services regulatory team at Womble Bond Dickinson UK.
More information on Jonny and his appointment can be found here.
Consumer CreditFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA publishes sector views
FCA has published its “Sector Views” setting out its observations from monitoring its 7 selected sectors of: retail banking retail lending general insurance and protection pensions and retirement income...
UK Finance wants to stay in SEPA
UK Finance has applied on behalf of the UK to stay in SEPA. SEPA is operated by the EPC outside the EU institutional framework. UK Finance says the SEPA community would support it staying, and its own members want to...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA consults on Brexit contractual continuity provision
At the end of last year, the the Treasury published draft regulations making provision for contractual certainty for firms currently passporting into the UK in the event of a ‘hard’ Brexit. Following this...
FCA opens temporary permissions notification window
FCA has opened the notification window for passporting-in firms. Firms will need to have notified FCA of their intention to seek full UK authorisation to carry on services in the UK before exit day in the event of a...
Commercial BankingConsumer CreditFundsInsuranceInvestmentsPayment Services & Electronic MoneyRegulated MortgagesRetail Banking
Up next from FCA
FCA’s latest Policy Development Update highlights a number of publications due before the end of Q1 2019: a policy statement on general standards and communication rules for payment services and emoney providers;...
Commercial BankingConsumer CreditFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
PRA consults on Brexit measures
As part of its preparation for onshoring EU legislation, the PRA has published CP32/18. This consultation paper contains two consultations: the first sets out the PRA’s proposals regarding the PRA Rulebook and...
FCA consults on SCA post-Brexit
FCA is consulting on how it proposes to make technical standards which are substantially the same as the PSD2 SCA RTS to ensure strong customer authentication and common and secure open standards of communication post...
Policy Statement on final RTS secure customer authentication
In September 2018, the FCA consulted on new or amended rules, directions and guidance to implement the Regulatory Technical Standards for strong customer authentication and common and secure open standards of...
Consumer FinanceConsumer InsuranceFintech & InnovationInvestmentsPayment Services & Electronic MoneyRetail Banking
FCA publishes finalised guidance on fairness of variation terms in FS contracts
The FCA has today published finalised guidance (FG18/7) setting out what it believes firms should consider under the Consumer Rights Act 2015 when varying a term in their consumer contracts. The guidance includes a list...
FCA consults on tacking bank overdraft charges
As part of its ongoing work to tackle high cost credit, the FCA has announced proposals to restrict the charges banks are able to impose for overdrafts. The FCA is proposing a package of measures that include stopping...
Treasury publishes draft Financial Services Contracts Regime
Treasury has published a draft statutory instrument setting out the Financial Services Contracts Regime (FSCR) which will provide run-off mechanisms to the various temporary regimes the government and regulators are...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA publishes final rules on expansion of FOS jurisdiction to SMEs
The FCA has now published final rules confirming the expansion of the jurisdiction of the FOS to include certain SME customers. The new rules will mean that from 1 April 2019, the FOS will be able to hear complaints...
Consumer CreditEnforcement & LitigationFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FOS consults on plans for 2019/20
The FOS has published a consultation on its plans and budget for 2019/2020. It notes that from April 2019, its jurisdiction will be expanded by the addition of two significant areas of work: complaints made by SME...
Commercial BankingConductConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
New Corporate Governance Principles published
The Financial Reporting Council has published the final version of new Corporate Governance Principles for large private companies.
We have published an article that summarises and discusses these Principles.
Suzanne GadoEBA publishes opinion on eIDAS certificates under PSD2
The EBA has published its Opinion on how eIDAS certificates and be used under the SCA and CSC RTS under PSD2. The Opinion: clarifies that it is the ASPSPs that should choose whether a Qualified certificate for...
Commercial BankingConsumer FinanceConsumer InsuranceFintech & InnovationFundsInvestmentsLloyds MarketPayment Services & Electronic MoneyPensionsRetail Banking
EC Review of the Distance Marketing Directive
The European Commission has launched a review of the Distance Marketing Directive (DMD) to assess whether it is relevant, effective, efficient, and in line with other EU legislation. The review follows an announcement...
EBA publishes further PSD2 guidelines
The EBA has published final Guidelines on the exemption from the fall back mechanism requirement under the RTS on Secure Customer Authentication and Common and Secure Communications (Commission Delegated Regulation (EU)...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury Committee publishes Withdrawal Agreement analyses
The Treasury Committee has published the Bank of England’s analysis of the Withdrawal Agreement and Political Declaration. The lengthy document explains how the reduction in openness with reduce the UK...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA publishes approach to authorisation and feedback statement
Following a consultation last year, the FCA has published the ‘FCA Mission: Approach to Authorisation’ and feedback statement. This document includes reference to the introduction of a new range of tools to...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
DExEU publishes draft political declaration
On 22 November 2018, DExEU published the Draft Political Declaration setting out the framework for the future relationship between the United Kingdom and the European Union (“Draft Declaration“). The Draft...
Commercial BankingConductFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury announces more details on its approach to onshoring financial services legislation
On 22 November 2018, Treasury announced it was developing a draft SI for MAR. It proposes that the SI will address: the scope of the regulation; transaction reporting; notification requirements; transfer of functions;...
PSR Consultation on requiring confirmation of payee service
The Payment Systems Regulator (PSR) is consulting on its proposal to make general directions requiring payment service providers (PSPs) to implement a Confirmation of Payee (CoP) service. The consultation paper seeks...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
FCA consults on fees and levies
FCA is consulting on policy proposals for its proposed regulatory fees and levies for 2019/2020. Among the proposed changes is a plan to streamline the process of setting consumer credit fees by exemption community...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
DexEU announces Brexit progress
The Department for Exiting the EU published a press statement alongside the announcement on 14 November that the UK and EU negotiating teams had reached an “in principle” agreement on the Withdrawal...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
Call for interest in new payment Standards Advisory Panel
The Bank of England and Pay.UK are inviting expressions of interest from senior stakeholders who could represent the payments industry on a newly created Standards Advisory Panel. The new Panel will focus on the...
Up next from FCA
FCA’s latest Policy Development Update lists a number of publications due before the end of the year: policy statement on regulating CMCs policy statement on RTS and guidelines under PSD2 rates proposals for...
HM Treasury publishes further Brexit SIs
As part of its preparation for the contingency of a ‘hard’ Brexit, HM Treasury has published draft onshoring legislation relating to: Payment accounts Financial markets infrastructure insolvency Central...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Bank of England communications on approach to financial services legislation under EU (Withdrawal) Act
The Bank of England has published a package of documents covering various aspects of contingency measures required in the event of there being no applicable Brexit transition period agreed. The publications include:...
PSR SPECIFIC DIRECTION TO OPERATOR OF THE LINK ATM SYSTEM
The Payment Systems Regulator (PSR) has published a Specific Direction (Specific Direction 8) given to Link Scheme Holdings Ltd, the operator of the LINK ATM system. The direction relates to the adoption of appropriate...
UK retail payments authority re-named and re-branded
The New Payment System Operator (NPSO) has today announced its new name and brand: Pay.UK The new name and identity is aimed at helping the payments authority to better promote its core purpose, which is to transform...
Commercial BankingConductFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA consults on Statements of Responsibilities and Responsibilities Map guidance
The FCA has published a consultation on proposed guidance to help solo-regulated firms draft their Statements of Responsibilities (SoR) and (for enhanced firms) Responsibilities Maps, in preparation for the SMCR...
Commercial BankingConsumer CreditEnforcement & LitigationFundsInsuranceInvestmentsPayment Services & Electronic MoneyRetail Banking
Treasury updates Brexit SIs
Treasury has published some new draft statutory instruments to be made under the EU (Withdrawal) Act, or announced plans to make them, and also updated existing drafts. New or updated documents include Regulations on :...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA publishes Brexit consultations following HMT Guidance
As heralded at the end of last year, the FCA has now published two consultation papers that make provision for operations in the event of a ‘hard’ Brexit next March. The first consultation sets out changes...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
Treasury plans transitional regulatory tool
Treasury has set out its plans for a temporary transitional tool for the UK regulators to use that will enable them to phase in the requirements for UK firms that will change under the raft of onshoring legislation...
FCA publishes financial crime e-money review
FCA has published its Thematic Review into money laundering and terrorist financing risks in the E-money sector. Its review covered 13 firms and focused on e-money products including prepaid cards and digital wallets...
Commercial BankingConsumer FinanceFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRetail Banking
FCA speaks on crises
Charles Randell, speaking at AFME’s conference, highlighted the damage that a cycle of deregulation, crisis and regulation can do. He discussed in particular the risks of deregulation, or the choice not to apply...
PSR welcomes draft APP reimbursement code
The APP Scams Steering Group, set up by the PSR, is consulting on a draft industry code to reimburse victims of APP scams. The code sets standards for industry to meet to help get appropriate treatment for customers...
Consumer CreditEnforcement & LitigationInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA consults on applying SM&CR to CMCs
The FCA has opened a consultation that sets out how it will apply the Senior Managers and Certification Regime (SM&CR) to Claims Management Companies (CMCs), following taking over regulation of them from 1 April...
FCA consults on PSD2 SCA-RTS approach
As part of its implementation of PSD2, the FCA has published a consultation on matters relating to the Regulatory Technical Standards for strong customer authentication and common and secure open standards of...
FinTech agreement between Dubai and Singapore develops international regulatory co-operation
The Dubai Financial Services Authority (DFSA) and the Singapore Monetary Authority (MAS) have announced that they have entered into an agreement to promote the regulation of innovative businesses. The agreement allows...
FOS focuses on fraud and scams
FOS’ latest Ombudsman News focuses on frauds and scams. It comments on the loopholes in new technologies that fraudsters use, and the challenges of addressing a complaint where both customer and bank are adamant...
Commercial BankingConsumer CreditFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
Law Commission confirms status of electronic signatures
In December 2017 the Law Commission confirmed that one of the projects it would be working on was addressing the absence of explicit case law and legislation that has given rise to uncertainty as to the validity of...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FSB launches peer review of LEIs
The Financial Stability Board has published the Summary Terms of Reference of a thematic peer review of the implementation of the Legal Entity Identifier. The thematic review seeks feedback from a range of stakeholders...
UK Finance publishes guidance on Funds Transfer Regulation
The industry body UK Finance has developed a voluntary ‘How to’ guide on compliance with the requirements of the Funds Transfer Regulation (also referred to as the Wire Transfer Regulation). The guide aims...
MLD4 Regulation on central contact points published in OJ
Commission Delegated Regulation (EU) 2018/1108 has been published in the OJ. This Regulation sets out RTS relating to the criteria for determining when it may be appropriate to require electronic money issuers and...
FCA consults on general standards and communication rules for payment services and e-money
The FCA has published a consultation paper on rules and guidance to improve conduct and communication in the payment services and e-money sectors. Currently, payment service providers and e-money issuers are subject to...
PSR reports on contactless mobile payments
The Payment Systems Regulator has published a report on contactless mobile payments (CMPs). It sees this as a growth area as people become more comfortable with using it, more contactless pay-points are available and...
Commercial BankingConductConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA updated guidance for firms outsourcing IT
The FCA has updated FG 16/5, ‘Guidance for firms outsourcing to the ‘cloud’ and other third party IT services’. This update takes account of the publication of the European Banking...
FCA publishes research note on credit card users’ debt
The FCA has published a note that summarises research conducted as part of the FCA Credit Card Market Study into helping credit card users who are only making the minimum payments increase the rate at which they repay...
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
Corporate governance reporting and the impact on large private companies
We have written an article on the new corporate governance reporting requirements for certain large private companies. The requirements will come into force on 1 January 2019 applying to financial years beginning on or...
Commercial BankingConductConsumer CreditEnforcement & LitigationFinancial Crime PreventionFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA publishes intervention approach documents
On a new page on its website, ‘Measuring our impact before we intervene‘, the FCA has published a group of documents that aim to provide an indication of how the FCA assesses the likely impact of its...
PSR MARKET REVIEW INTO THE SUPPLY OF CARD-ACQUIRING SERVICES
The PSR has published its draft terms of reference setting out the proposed approach to the market review into the supply of card-acquiring services that it intends to carry out. The review follows concerns that the...
MOU ON THE REGULATION OF PAYMENT SYSTEMS
On 20 July 2018, the Bank Of England (BoE), the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and Payment Systems Regulator (PSR) published their Memorandum of Understanding in relation to...
Financial Crime PreventionFintech & InnovationInvestmentsPayment Services & Electronic MoneyRetail Banking
FSB looks at crypo-asset market monitoring
The Financial Stability Board has reported to the G20 Finance Ministers and Central Bank Governors on its work in relation to crypto-asset markets. It has worked with the CPMI to set up a framework for monitoring the...
ConductConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
FCA and PSR Chair discusses potential future algocracy
Charles Randell, the recently appointed Chair of the FCA and the PSR, has delivered a speech, in which he discussed the increasing dominance of algorithms in our day to day lives, and noted some of the consequent issues...
FCA publishes new version of its Approach Document on payment services and e-money
The FCA has published a revised version of its Approach Document on payment services and electronic money. The updated document includes new guidance on operational and security risks under PSD2; which can be found in...
PSR: The consolidation of UK retail payment systems is now complete
The Payment Systems Regulator (PSR) has issued a press release stating that the consolidation of the UK retail payment systems is now complete, following the introduction of the New Payment Systems Operator (NPSO). The...
PSR updates on fees
The Payment Services Regulator has published a policy statement following its review of the regulatory fees regime. It has now set out its decisions, and published a standalone document on fees figures for 2018/19.
Commercial BankingEnforcement & LitigationFundsInvestmentsPayment Services & Electronic MoneyRetail Banking
FCA makes new rules
FCA has made new rules. The changes affect several parts of the Handbook, including: miscellaneous minor and clarificatory changes, including a change to the application chapter of SYSC to clarify that certain rules in...
Customer authentication under PSD2
We recently wrote an article for Compliance Monitor on strong customer authentication under PSD2 and EBA Guidelines.
Commercial BankingConsumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyPensionsRegulated MortgagesRetail Banking
HMT, Bank of England and FCA set out approach to onshoring financial services legislation
The Treasury, the Bank of England and the FCA have published information about how financial services legislation will be on-shored under the EU (Withdrawal) Act, in particular to ensure the (hopefully unlikely)...
FCA consults on push payment fraud complaints
FCA is consulting on changes to complaints handling rules to help victims of authorised push payment fraud. Currently, victims cannot complain to the PSP that receives their payment when their own PSP is not at fault...
PSR reports on initiatives to protect public from APP scams
The Payment Systems Regulator has published a summary of measures it is currently working on with other bodies to protect customers from authorised push payment scams – where fraudsters trick people into sending...
AG Opinion on ‘payment accounts’ for the purposes of PSD
In the ongoing case of Bundeskammer für Arbeiter und Angestellte v ING-DiBa Direktbank Austria Niederlassung der ING-DiBa AG (Case C-191/17), the European Court of Justice has been asked for the first time to interpret...
EBA publishes Annual Report 2017
The European Banking Authority (EBA) has published its annual report 2017, in which it describes the work undertaken and its achievements in 2017. The report also includes the EBA’s key areas of focus for 2018...
PSR DISCUSSION PAPER ON DATA IN THE PAYMENT INDUSTRY
The Payment Services Regulator (PSR) has published a Discussion Paper (DP18/1) on the use of data in the payments industry. The aim of the discussion paper is to better understand the actions the PSR may need to take in...
BoE consults on the modernisation of UK payments
The Bank of England (BoE) has, together with the New Payments System Operator (NSPO) and the Payment System Regulator (PSR), launched a 6 week consultation on the adoption of a common global standard, known as...
ConductEnforcement & LitigationFinancial Crime PreventionPayment Services & Electronic MoneyRetail Banking
Treasury Committee engages with FCA over TSB IT migration
Nicky Morgan and Andrew Bailey have exchanged letters of the problems customers faced following TSB’s IT migration. The Treasury Committee had asked about the work FCA had done in advance of the planned migration...
FCA publishes quarterly consultation
FCA’s latest quarterly consultation proposes the usual minor miscellaneous changes to its Handbook, including; changes to the appointed representatives appointment firm: the changes are spurred on by IDD changes...
Consumer CreditFintech & InnovationFundsInsuranceInvestmentsPayment Services & Electronic MoneyRegulated MortgagesRetail Banking
FOS Annual Review published
The FOS has published its Annual Review for 2017/2018. Many of the complaints statistics highlight products that are the subject of ongoing regulatory scrutiny and activity: the FOS notes significant increases in...
FCA consults on consumer contract variations
FCA is consulting on guidance for firms setting out what factors under the Consumer Rights Act they should take into account when they are drafting and reviewing variation terms. The draft guidance sets out a list of...