Category Payment Services
The European Banking Authority (EBA) has published its final report on the fraud reporting guidelines under PSD2 (Guidelines). The Guidelines have been published following the consultation which took place in August 2017. Article 96(6) of PSD2 states that payment services providers must provide ‘statistical data on fraud relating to different means of payment to their competent […]
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 financial stability implications of market developments, and has been working out the metrics for monitoring that it will […]
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 that will need to be grappled with, as the rise of Big Data, AI and machine learning […]
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 chapters 13 (reporting and notifications) and 18 (operational and security risks). The FCA has also made a number of other […]
Following a consultation in October 2017, the European Payments Council has published a revised version of its mobile contactless Single Euro Payments Area (SEPA) card payments interoperability implementation guidelines (MCP). The guidelines have been updated to reflect a rapidly evolving system and address the interoperability aspects relating to the MCP application lifecycle management.
The Payment Services 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 NPSO took over the running and managing of cheque paper and cheque image clearing systems on 1 July 2018.
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.
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 SYSC 4.3A do not apply to an AIFM investment firm that is not a CRR firm; changes to make the Handbook consistent […]
We recently wrote an article for Compliance Monitor on strong customer authentication under PSD2 and EBA Guidelines.
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) ‘hard Brexit’ scenario is addressed, if the negotiated implementation period is not able to take effect from March 2019. The Treasury intends to lay […]
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. FCA now proposes rule changes to require firms to handle this type of complaint, and also to allow eligible […]
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 them money. These ongoing or imminent measures include the enhancement of sanctions data quality confirmation of payee guidelines for identity, verification, authentication […]
FCA statement on EBA’s draft PSD2 Guidelines and Opinion for banks and others involved in open banking
The FCA has published a statement on the European Banking Authority’s (EBA) draft PSD2 Guidelines and Opinion on the Regulatory Technical Standards (RTS) on Strong Customer Authentication and Common and Secure Communication. The FCA said that it was supportive of the views contained in the EBA Opinion and encourage firms and API initiatives to consider these […]
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 the term ‘payment account’ for the purposes of the Payment Services Directive (PSD). The Advocate General’s Opinion has now been handed down, […]
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. The work undertaken by the EBA and its achievements in 2017 include: finalising important components of the Single Rulebook and […]
The EBA has published a consultation on draft Guidelines supplementing the Regulatory Technical Standards on strong customer authentication published in the OJ in March 2018, and applicable from September 2019. Article 33(6) of the RTS set out the conditions that must be met when an Account Servicing Payment Service Provider (ASPSP) wishes to provide access […]
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 the future around the use of data in payment services. The PSR acknowledges that the UK’s payment sector is growing […]
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 “ISO 20022”, for payments in the UK. The standard will be adopted across the UK’s main interbank payment systems – […]
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, its assessment of the problems and its views on TSB’s evidence to the Committee and its communications with customers as well […]
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 but generally require firms to make a statement that they have complied with their regulatory obligations as principal; the COBS rules for insurance distribution to ensure […]
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 complaints in home credit, hiring, leasing and renting, and payday loans: putting to one side PPI, one in four new complaints related to […]
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 things FCA says firms should take into account, which would include: how valid the reason for variation is […]
UK Finance, the Financial Data and Technology Association, the Electronic Money Association and techUK have jointly published voluntary guidelines. The guidelines are directed at account servicing payment service providers, account information and payment initiation services and technical service providers. The guidelines seek to increase customer protection in relation to ‘screen scraping’, including by promoting the […]
FCA’s latest Policy Development Update promises over the next couple of months the overdue feedback on fees and levies policy proposals with consultation on rates proposals. No dates are set for any other key papers.
The Bank of England has announced that the New Payment System Operator Limited (NPSO) has taken over responsibility for the Bacs and Faster Payment retail payment systems. This consolidation is the result of work by both the Bank of England and the Payment Systems Regulator. The objective is to develop the capability and capacity of […]
FCA has published the final list of the most representative services linked to a payment account and subject to a fee for the purposes of the Payment Accounts Regulations. Firms will have to use the terminology from 31 October. There are 15 defined services: maintaining the account arranged overdraft unarranged overdraft refusing a payment due […]
The Bank of England has announced that TransferWise, an FCA-regulated non-bank PSP has joined Faster Payments as a direct participant. This is the first non-bank PSP to join a UK payment system settling in central bank money. BoE, FCA and the Payment Systems Regulator all heralded the development.
FCA has published an insight article looking at the ongoing problems for victims of APP scams. The article looks at initiatives to minimise the risks of falling victim to these scams and, in particular, how the advent of Faster Payments brings both advantages and bigger risks to consumers. The article considers the potential safety feature […]
The Department for Business, Energy and Industrial Strategy is consulting on proposals which, among other issues, seek to to improve the consumer experience in regulated markets for utilities, telecommunications and financial services and to ensure consumers buying and selling online benefit from new technology and business models, and have appropriate protection for their personal data. […]
The Joint Committee of the European Supervisory Authorities has published its report for the second half of 2017. This report highlights the following potential sources of instability: repricing of risk premia uncertainties regarding the terms of Britain’s exit from the EU; cyber attacks; and climate change. The report urges firms and supervisory authorities to seek […]
The FCA and the PRA have both published their business plans for 2018/2019. The FCA’s business plan shines a spotlight on consumer protection, including in relation to pension products and high-cost credit, as an area of concern for the forthcoming year, as well as ongoing programmes such as Brexit, and firms’ culture and governance (including […]
The FCA has published a speech, by Karina McTeague, Director of Retail Banking Supervision, on opportunities offered by the Payment Services Directive (PSD2) and open banking. Highlights of the speech include: the FCA has a real interest in the Open Banking Implementation Entity’s successful delivery of the Competition and Market Authority’s open banking application programming interface […]
FCA’s latest policy development update does not promise anything particularly new. Key deadlines for the next quarter include: policy statement on regulatory fees and levies, with consulation on rates – during April; changes to rules and guidance in SUP under the PSR – now overdue; and possibly a policy statement on the FSCS funding review.
The European Banking Authority (EBA) has published a Consultation Paper on the application of the existing Joint Committee Guidelines on complaints-handling to authorities competent for supervising new institutions under the Mortgage Credit Directive (MCD) and the Payment Services Directive (PSD2). The deadline for comments is 27 May 2018.
In a recent report the Complaints Commissioner expressed concern about the absence of published information about how and in what circumstances information about live ombudsman cases may be shared between the FOS and the FCA. The complaint alleged that the FCA illegally influenced the FOS in its handling of complaints against a firm represented by […]
The Payment Systems Regulator’s annual report says 2017 was a record-breaking year for new participants, and it expects many more PSPs to join in 2018. Its early projections suggest 11 PSPs could become direct participants in CHAPS, Faster Payments and Bacs during the year, as opposed to 4 new joiners in 2016. It also reports […]
Commission publishes Delegated Regulation on RTS on strong customer authentication and common and secure communication under PSD2
The Commission has published the Commission Delegated Regulation (EU) 2018/389, supplementing the revised Payment Services Directive with regard to regulatory technical standards (RTS) for strong customer authentication and common and secure open standards of communication. It will apply from 14 September 2019, with the exception of Article 30(3) and (5), which will apply from 14 March […]
As part of its ongoing work on culture and governance, the FCA has published a discussion paper, comprising a series of essays from academics and industry thought leaders covering: what a ‘good’ culture might look like; the role of regulation and regulators; how firms might go beyond incentives; and how to change behaviour for the […]
As part of its preparation for Brexit, the Government announced in December 2017 that it would, if necessary, introduce legislation to enable a ‘temporary permission’ scheme for EEA firms and funds which, following Brexit, can no longer rely on their passporting rights to do business in the UK. The FCA has published a survey to […]
The Payment Services Regulator (PSR) has announced the outcome of its consultation on the introduction of a contingent reimbursement model for victims of authorised push payment (APP) scams. In summary: an industry code will be in place by September 2018, paving the way for victims of APP scams to have better protection; consumer groups and […]
The Bank of England has published a report on its supervision of financial market infrastructures (FMI). The report measures performance against its 2017 annual report, as well as looking ahead. The report: Defines FMIs and their importance; Explains BoE’s supervisory role and BoE’s interaction with national and international regulators; Reports on BoE’s supervision over the […]
FCA’s new-look update on its service standards shows that it met most of its targets for various regulatory tasks, including authorisations, passport notifications, dealing with queries and customer satisfaction. However, it did fall slightly short on some applications, particularly consumer-credit related ones, and some of its work on passports.
The European Commission has updated its website to provide information on how Brexit will affect banking and finance rules. Separate pages address: markets in financial instruments banking and payment services post-trade issues asset management credit rating agencies insurance and reinsurance and statutory audit Each page looks at the impact of withdrawal on authorisations, contracts and […]
FCA has published a “Dear CEO” letter emphasising the work required to combat authorised push payment (APP) fraud. This follows the Which? super-complaint in September 2017, and the Payment Systems Regulator’s response in November. FCA explains combating APP fraud and financial crime in general is a priority articulated in its 2017/2018 Business Plan. FCA hopes […]
The EBA has written to the European Commission following the Commission’s adoption of the RTS on strong customer authentication under PSD2. The EBA welcomes the adoption, appreciates the note the Commission took of some of EBA’s concerns and says it appreciates the Commission’s decision not to take note of some others. However, it questions why […]
The European Commission has published a report on the implementation and impact of the second Electronic Money Directive (EMD2). The report focuses on the application of prudential requirements for electronic money institutions and discusses the relationship between EMD2 and the Fourth Money Laundering Directive. The European Commission concluded that: the overall assessment of the EMD2 […]
FCA has opened a consultation on plans to provide more small businesses with access to FOS. The changes proposed would allow FOS complaints redress to approximately 16,000 SMEs, charities and trusts, by changing the eligibility criteria to access FOS. Under the proposals, eligible businesses would be those that satisfy the following criteria: Under 50 employees; […]
The Payment Systems Regulator (PSR) has published a letter sent by it to the Chair of the Treasury Select Committee regarding the UK’s ATM network. The letter sets out the PSR’s continued commitment to ensuring access to ‘free to use’ ATMs, and describes its ongoing program of work on the ATMs network. The letter also […]
The Joint Committee of the European Supervisory Authorities (ESA) has published its final guidelines under the Wire Transfer Regulation (Regulation (EU) 2015/847) in each of the official languages of the EU. The guidelines were first published in September 2017 and include measures that payment service providers should take to detect missing or incomplete information on the […]
We have written an article for Compliance Monitor summarising the key changes PSD2 brings to UK law.
FCA’s latest Policy Development Update promises, among other things: policy statement on regulatory fees and levies by the end of March; the delayed policy statement on further implementation of the FAMR; consultation on the Money Market Funds Regulation in January; the final policy statement and near final IDD rules, also in January; and consultation in […]
Charles Randell CBE has been appointed the new chair of FCA and the PSR with effect from 1 April.
Treasury, FCA and EIOPA issue statements regarding continuity of activities and services after Brexit
Along with the PRA’s publication of consultation papers on its intended approach to supervision of third country firms, the Treasury, FCA and ESMA have recently issued statements providing an update on provision to enable firms across Europe to continue to do business after Brexit. The Treasury has announced that if necessary (ie depending on the […]
Earlier this year, the Competition and Markets Authority (CMA) published the results of a market study into the use of digital comparison tools in a number of sectors, including car insurance, home insurance and credit cards. The findings of the market study included strong concern about the use of ‘most favoured nation’ clauses, which can […]
The European Blanking authority (EBA) has published an opinion (EBA/Op/2017/16) on the transition from the Payment Services Directive (2007/64/EC) (PSD) to the revised Directive on payment services in the internal market ((EU) 2015/2366) (PSD2), which will apply from 13 January 2018. The EBA clarifies a number of issues identified by market participants and competent authorities, including: […]
Payment Services Regulator requires change to Direct Debit rules regarding switching Facilities Management providers
The Payment Services Regulator (PSR) has published its decision to require the operator of the Bacs payment system, of which the Direct Debit scheme is a part, to change its rules to help clients switch Facilities Management (FM) service providers. Direct Debit FM service providers enable organisations which aren’t specifically approved or sponsored as Bacs […]
In response to the European Banking Authority (EBA) Guidelines on Operational and Security Risks under PSD2, published on 12 December 2017, the FCA published a statement on its website reminding payment service providers that they will be expected to comply with the Guidelines from 13 January 2018 in addition to the requirements set out in Regulation […]
The Law Commission has announced the programme of reforms it will be working on over the next 3 years. The projects include: Electronic signatures: there is an absence of explicit case law or legislation confirming that documents executed with an electronic signature satisfy statutory requirements for documents to be in writing and/or signed and/or under […]
EBA has published its final guidelines on security measures for operational and security risks of payment services required by PSD2. The guidelines require PSPs to have in place: an effective operational and security risk management framework processes to detect, prevent and monitor potential security breaches and threats risk assessment procedures regular testing processes to raise […]
At FCA’s Board meeting on & December, it made several new rule instruments, covering (among other things), several changes to take effect from 3 January 2018: minor changes relating to MiFID 2 implementation, including a new definition of “high frequency algorithmic trading technique”, amending various definitions relating to derivatives to ensure they reflect changes to […]
BEIS has published guidance on the Consumer Rights (Payment Surcharges) Regulations 2012. New rules come into force on 13 January 2018 as a result of PSD2 that ban surcharges on a wide range of transactions, while limiting them in others. PSD2 bans merchants from charging a fee on the basis of a consumer’s choice of payment […]
FCA’s latest quarterly consultation proposes minor changes to: DEPP due to a change in FCA’s governance structure LR, in the meaning of Premium Listing Principle 6 and, to DTR, on where diversity reporting may be located under corporate governance reporting requirements DISP relating to access to FOS for PEPs, and referrals to TPO the Glossary definition […]
The European Commission has finally adopted the RTS under PSD2 on strong customer authentication (SCA) and common and secure open standards of communication. The key purpose of the RTS is to create stringent security procedures to reduce payment fraud levels and protect confidential data. The key requirement is for at least two independent elements in […]
At the Westminster Business Forum on retail banking and payments, Karina McTeague, Director of Retail Banking Supervision, delivered a speech on the regulatory priorities in the retail banking sector. She explained FCA’s priorities as articulated in its business plan, and said all have application to retail banking. FCA is looking closely at how retail banks […]
On 14 November 2017, the FCA sent an email to businesses, including firms providing account information services (AIS) or payment initiation services (PIS) advising them to apply for authorisation or registration, under the revised Directive on payment services in the internal market (PSD2), before 27 November 2017. Although majority of the regime will apply from 13 January 2018, the […]
FCA has published its annual consultation paper on regulatory fees and levies. Key proposals include: the proposed tariff data FCA will use to calculate insurers’ FCA periodic fees and the FOS levies, building on PRA’s proposals; updating its financial penalty scheme; and how to treat consumer hire agreements in relation to credit-related income. FCA also […]
Following the appointment in 2016 by the House of Lords of a Select Committee to investigate financial exclusion and access to mainstream financial services, the Committee published its final report, ‘Tackling Financial Exclusion: A Country that works for everyone‘ in March 2017 (Report). This Report made 22 recommendations to address financial exclusion and access, including […]
On 8 November, the Treasury Committee announced the launch of a new inquiry that will examine problematic indebtedness, inter-generational issues, lifetime financial planning and the effectiveness of the market in financing solutions and products to low income households. The Chair of the Treasury Committee, Rt. Hon. Nicky Morgan, indicated that the scope will include: what […]
The Supreme Court grants Deutsche Bahn AG permission to appeal against a Court of Appeal judgment concerning interchange fees
The Supreme Court (SC) today announced that permission to appeal has been granted to Deutsche Bahn AG (and other retailers) against the Court of Appeal’s judgment upholding an appeal by MasterCard against a judgment of the High Court, relating to interchange fees. This follows an action in the High Court brought by Deutsche Bahn (and various retailers) […]
The Payment Systems Regulator (PSR) has provided an update on progress in relation to authorised push payment (APP) scams, where fraudsters trick customers into instructing their banks to make a payment to what the customer believes is a legitimate account. Following a Which? super-complaint in September 2016, PSR, FCA and the payments industry developed a work […]
HM Treasury has published a consultation on secondary legislation to support the Image Clearing System (ICS) for cheques. The legislative proposals follow the amendments to the Bills of Exchange Act 1882 introduced by the Small Business, Enterprise and Employment Act 2015, which allowed the introduction of cheque imaging. This aims to cut down cheque clearing times […]
The European Payments Council (EPC) has launched a three month consultation on the Mobile Contactless Single Euro Payments Area Card Payments Implementation Interoperability Guidelines (MCP IIGs). EPC has updated the MCP IIGs with the help of stakeholders from the mobile contactless payment industry, with the aim of standardising a smooth and secure means of mobile contactless […]
The European Banking Authority (EBA) has published a consultation on the draft regulatory technical standards (RTS), specifying the framework for the co-operation between competent authorities under the revised Payment Services Directive (PSD2). The proposed framework aims to ensure co-operation between supervision of payment institutions operating across borders by: specifying the procedure for the requests and replies for […]
On 20 October 2017, the FCA published a report on lessons learned from its regulatory sandbox. As a reminder, the regulatory sandbox allows firms to test innovative products, services and business models in a live market environment, while ensuring that appropriate safeguards are in place. The report contains the FCA’s reflections on how the sandbox […]
After collecting responses from over 13,000 UK consumers, FCA has revealed the results of its largest tracking survey of consumer behaviour and use of retail financial products and services. Aiming to tell the financial story for six age demographics (and key themes of each life stage), the survey found that 50% of the adult population shows one […]
The EBA recently published a table which includes key questions around the Payment Services Directive 2 (PSD2) transposition activities and dates of the different EEA countries. In addition, the EBA has announced the release of two new publications in its ongoing series of working group papers, dealing with PSD2 and distributed ledger technology (DLT) driven opportunities for new […]
FCA has published several new and updated pages on its website with new application forms for firms making applications under PSD2. The updates cover payment institutions, e-money institutions and account information service providers.
The European Banking Authority (EBA) has published final guidelines on the procedure for payment service users and other interested parties to submit complaints against PSPs in respect of alleged infringements of PSD2. The guidelines specify the information competent authorities (CAs) must request from complainants and the information CAs should use in their response to complaints. CAs are now […]
The Bond Dickinson financial services team is delighted to have achieved a Legal 500 ranking. The new directory described the team as providing ‘responsive, practical, commercial and cost-effective’ advice to a wide variety of clients within the retail sector of the financial services industry. It says that “‘Very knowledgeable’ team head Andrew Barber has ‘in-depth […]
FCA has published an undertaking from PPRO Financial Limited to make changes to its prepaid card terms and conditions. The Dutch AFM had referred the matter to FCA after it received complaints from customers under the “Consumer Protection Cooperation Directive). As a result, FCA carried out an investigation and found several problems, as a result […]
FCA has updated its website to provide a set of new pages on PSD2. The pages aim to help firms that are: currently regulated as payment service providers currently excluded from regulation under the Payment Services Regulations 2009 or providing services that will fall under regulation for the first time as a result of PSD2.
In an Insight article published on 28 September 2017, the FCA explores the opportunities that the Payment Services Directive 2 (PSD2) and Open Banking may bring for start-ups. PSD2 is changing the rules for the banking industry. From January 2018, UK banks will have to provide details of customer transactions to any authorised organisation that a customer approves […]
The Joint Committee of the ESAs has published guidelines under the revised Wire Transfer Regulation which was part of the MLD4 package, and that requires payment service providers to establish specific information about the payer and payee in electronic transactions, to combat terrorist financing and money laundering. In an effort to harmonise regulatory expectations across the EU, the guidelines ‘set […]
PSR published its initial findings following its investigation into authorised push payment scams at the end of 2016. It plans to publish a progress report in November, with its thoughts on the next steps.
FCA has published an Occasional Paper looking at the ageing population and financial services. FCA’s research has found there is a risk that the financial services needs of older people are not being fully met, and thinks there is potential for firms to do more to help them. It has identified several issues which will […]
The FCA has today published its long awaited policy statement and approach document on the implementation of PSD2. The Policy Statement confirms changes to the Handbook and Approach Document guidance, and new non-Handbook directions for excluded firms, to reflect PSD2 and the PSRs 2017. This follows the two consultations the FCA issued in April (CP17/11) and July (CP17/22). FCA has made some […]
FCA’s latest Handbook Notice confirms it has made rules amending: TC to update the qualification table COBS and MCOB in respect of the smarter communications initiative, in particular to address the risks of over-disclosure COBS to enable governance bodies of relevant pension schemes to get information to allow them to assess transaction costs the Listing […]
In a joint press release issued today, the Bank of England (BoE) and The Payment Systems Regulator (PSR) announced that a New Payment Systems Operator (NPSO) had been created by the Payment System Operator Delivery Group (PSODG) who were charged with this task. The creation of the NPSO forms part of the PSR and BoE’s plan for consolidating […]
FCA’s latest Quarterly Consultation Paper covers: amendments to FEES in respect of fees when firms apply for a VOP for provision of payment initiation and account services. FCA needs to charge fees as it has realised it will need to apply more resource to these applications than it does to standard VOPs. DEPP and EG in respect […]
This month’s edition of Regulation round-up discusses: the consultation to extend SM&CR to all financial services firms; the Threshold Conditions Team taking enforcement action and cancelling the authorisations of 207 firms; FCA’s agenda and priorities for consumer credit; contingency planning for firms that do not have their MIFID II permissions in place by 3 January […]
The European Banking Authority has published a Discussion Paper on its approach to financial technology (FinTech). The EBA sets out in the Discussion Paper the results of the first EU-wide FinTech mapping exercise and its proposals for future work on FinTech. To gain a better understanding of current FinTech activity in the EU, in spring 2017, […]
In an announcement from Faster Payments, it was announced a ‘Live Proving’ exercise was carried out to test the ability for all existing Participants to receive a payment of a significantly higher value than the current £250,000 limit. First multi-million pound Faster Payments The exercise was successfully completed on Tuesday 11th July 2017, with all 16 Participants […]
The Payment Systems Regulator has published its Consultation on provisional conclusions and proposals to change the Direct Debit rules relating to the switching of Facilities Management providers. Organisations wishing to collect money from their customers via Direct Debit (such as charities and local councils) must be approved, or ‘sponsored’, by a bank or building society […]
The EBA’s Consultation Paper on the Guidelines on Fraud Reporting under PSD2 (EBA/CP/2017/13) has been developed in close cooperation with the European Central Bank (ECB) to ensure that the high-level fraud reporting requirements under Article 96(6) of the PSD2 are implemented consistently among Member States and that the aggregated data provided by competent authorities to the […]
The Forum has published its Blueprint for the Future of UK Payments for public consultation until 22nd September 2017. The Consultation is an opportunity for everyone to have their say on the detailed design for the New Payments Architecture (NPA) and the future of payments in the UK. The Forum is hosting a Consultation Briefing Session […]
The Guidelines set out: the criteria, thresholds and methodology to be used by payment service providers in order to determine whether an operational or security incident should be considered major and, therefore, be notified to the competent authority in the home Member State the template that payment service providers are required to use for this […]
The long-awaited consultations on the extension of the SM&CR have been released: CP17/25 – Individual accountability – extending the Senior Managers and Certification Regime to all FCA firms. Banks are told to read Chapters 9 and 10 in the CP about the extra SM&CR regulations that will affect the banking sector. CP17/26 – Individual accountability – extending […]
At FCA’s July Board meeting it made several new rulebook instruments. Key changes are: to make minor changes to approved persons application forms with effect from 12 September; to set the fees payable to the PSR from 21 July; to amend COBS in respect of pension projections from 24 July so firms can prepare risk […]
The FCA published its July edition of Regulation Round-Up this week. Highlights of some of the “hot topics” covered include: interim report of the FCA’s Retirement Outcomes Review; the publication of the final report on its asset management market study; the publication of the MiFID II policy statement and consultation paper VI; first undertaking received under […]