News & Analysis as of

Banking Sector United Kingdom

A&O Shearman

Committee on Payments and Market Infrastructures Reports on Interlinking and Interoperability of Payment Systems

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The Committee on Payments and Market Infrastructures has published two reports to the G20 that offer key insights and recommendations on the interlinking and interoperability of payment systems to enhance cross-border...more

A&O Shearman

Basel Committee on Banking Standards Publishes Progress Report on the 2023 Banking Turmoil and Liquidity Risk

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The Basel Committee on Banking Standards has published a progress report on the 2023 banking turmoil and liquidity risk. The report, requested by the G20 Brazilian Presidency, provides an update on the Basel Committee's...more

Eversheds Sutherland (US) LLP

Payment matters - October 2024

Upcoming global developments for the payment sector - Asia - 1. Hong Kong: Launch of Phase 2 of the e-Hong Kong Dollar Pilot Programme - On September 23, 2024, the Hong Kong Monetary Authority (HKMA) announced the...more

Hogan Lovells

Hogan Lovells PSD3 Impacts Report: Getting ahead of the evolving EU payments regulatory landscape

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Given the sea change of payment services directive 2015/2366 (“PSD2”), one might expect the prospect of the proposed PSD3 and PSR to have psps groaning at the thought of yet more root and branch reg change projects. However,...more

A&O Shearman

HM Treasury Statement on Reforms to Bank Ring-Fencing

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The House of Commons has published a written statement by Tulip Siddiq, Economic Secretary to HM Treasury, on the status of reforms to the bank ring-fencing regime. Ms Siddiq states that the U.K. Government will implement a...more

A&O Shearman

The UK Digital Securities Sandbox is officially open

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On September 30, 2024, the UK Digital Securities Sandbox was officially declared open. The announcement was made by the Bank of England (BoE) and the UK Financial Conduct Authority (FCA), following the consultation earlier...more

A&O Shearman

UK Draft Payment Services (Amendment) Regulations 2024 Published

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HM Treasury has published a final draft version of the Payment Services (Amendment) Regulations 2024, enhancing efforts to address authorized push payment fraud. The draft Regulations amend regulation 86 of the Payment...more

A&O Shearman

UK Payment Systems Regulator Publishes Policy Statement Confirming the Maximum Level of APP Scam Reimbursement

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The Payment Systems Regulator has published a policy statement confirming the maximum level of Authorized Push Payment scam reimbursement. The statement follows the PSRs recent announcement confirming its decision to reduce...more

A&O Shearman

Net-Zero Banking Alliance 2024 Publishes Progress Report

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The United Nations Environment Programme Finance Initiative has published a 2024 progress report produced by the Net-Zero Banking Alliance. Launched in 2021, the NZBA is a bank-led alliance of 144 banks globally voluntarily...more

A&O Shearman

UK Financial Policy Committee Publishes Latest Summary and Record

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The Bank of England has published the record of the Financial Policy Committee meeting on September 19, 2024. Headline judgements and policy actions from the meeting: (i) risks to U.K. financial stability are broadly...more

Hogan Lovells

UK retail banking and payments: Regulatory return to the office - recent developments to be aware of

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After a relatively quiet period over the summer due to the general election, the post-holiday period has been a busy one on the retail banking, consumer finance and payments regulatory front. There have also been some FCA...more

White & Case LLP

Europe’s banks restructure, consolidate and partner their way into the digital future

White & Case LLP on

UK & European Financial Services M&A: Sector Trends H2 2023 | H1 2024 - 3 key drivers of bank M&A: - Arrival of long-awaited mammoth consolidation deals: Italy’s UniCredit and Spain’s BBVA sound the charge. - “Challenger”...more

A&O Shearman

Funded reinsurance - The PRA's final policy

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The PRA published Policy Statement 13/24 (PS13/24) on 26 July 2024 providing feedback on the PRA’s Consultation Paper 24/23 (CP24/23) on Funded Reinsurance (FundedRe). PS13/24 is published alongside the PRA’s final policy in...more

A&O Shearman

Regulatory monitoring: EU version Newsletter - September 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU - EC: Report on the future of European competitiveness Status: Final - The EC has published a report on the future of European competitiveness,...more

White & Case LLP

Sector trends - September 2024: Payments

White & Case LLP on

Equity and debt cheques from financial sponsors fuel growth, with investment committee appetite across the full spectrum from Seed through to late stage / pre-IPO. The payments sector bucks the trend on IPOs. Current...more

Hogan Lovells

UK FCA confirms extension to motor finance complaint handling pause

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In July this year the FCA announced that, following the launch of a review of historical motor finance commission arrangements and sales across several firms (January 2024), it was pushing back the timing for publication of...more

A&O Shearman

UK Payment Systems Regulator Confirms Maximum Reimbursement Limit for Authorized Push Payment Scams Reimbursement

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On 25 September, the U.K. Payment Systems Regulator confirmed that the maximum reimbursement limit for victims of Faster Payments Authorized Push Payment scams will be £85,000. The PSR began consulting on reducing the...more

White & Case LLP

Sector trends - September 2024: Specialty Finance / Marketplace Lending

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UK & European Financial Services M&A: Sector Trends H2 2023 | H1 2024 — Specialty Finance / Marketplace Lending - Consolidation fever grips non-bank lenders and banks alike—SME lending, revenue-based finance and...more

A&O Shearman

UK Prudential Regulation Authority Consults on Restatement of UK Capital Requirements Regulation Rulebook Requirements

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The U.K. Prudential Regulation Authority has published a consultation on its proposals to restate, and in some cases modify, the U.K. Capital Requirements Regulation requirements relating to the definition of own funds in its...more

A&O Shearman

UK Prudential Regulation Authority Consults on Streamlining Pillar 2A Capital Framework and Capital Communications Process

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The U.K. Prudential Regulation Authority has published a consultation on streamlining the Pillar 2A capital framework and capital communications process. In addition to PRA-regulated banks, building societies, designated...more

A&O Shearman

UK Prudential Regulation Authority Publishes Second Near-Final Policy Statement on Implementation of the Basel 3.1 Standards

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The U.K. Prudential Regulation Authority has published its second near-final Policy Statement on the implementation of the Basel 3.1 standards. The PRA has decided to move the implementation date by a further six months to...more

Hogan Lovells

APP fraud: UK PSR confirms reduced maximum level of reimbursement

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After a short consultation period, the Payment Systems Regulator (PSR) has confirmed its decision to reduce the maximum level of reimbursement for the Faster Payments System (FPS) APP fraud mandatory reimbursement requirement...more

Seward & Kissel LLP

"So Long Synthetic LIBOR"

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Earlier this year, the Financial Conduct Authority (FCA) exercised its powers pursuant to Article 21(3) of the Benchmarks Regulation to compel ICE Benchmark Administration (IBA) to continue publishing 1-month, 3-month and...more

Latham & Watkins LLP

FCA Publishes Update on Cash Savings Work

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On 18 September 2024, the FCA provided an update on its work in the cash savings market. Following the FCA’s 2023 cash savings market review in light of concerns that higher interest rates were not being passed on effectively...more

Hogan Lovells

Cash Savings Market Review update: UK FCA finds room for improvement

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On 19 September 2024, the FCA published an update on its review of the cash savings market and investigation into the practices of the largest 9 firms with easy access savings accounts. With a focus on the effectiveness of...more

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