Category Payment Services

FCA Regulation round – up for August

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 […]

eba publishes fintech discussion paper

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, […]

faster payments has successfully tested payments in the tens of millions of pounds

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 […]

PSR publishes consultation on Direct Debit Facilities Management: Switching providers

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 […]

EBA releases CP on fraud reporting requirements under psd2

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 […]

Payments strategy forum releases its consultation on the blueprint for the future of UK payments

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 […]

EBA publishes final guidelines on major incident reporting under PSD2

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 […]

FCA releases details of consultations on the extension of SM&CR to all firms

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 […]

FCA makes new rules

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 […]

FCA Regulation Round-Up for July

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 […]