Numerous jurisdictions across the globe are developing their own cryptoasset regulatory frameworks—the UK is no exception. Cryptoasset businesses overseas looking to enter the UK market, or to offer services to customers in...more
Key developments of interest over the last month include: a new Bill containing detailed new information and account direct deduction obligations for banks and EMIs being introduced to the UK Parliament; the issuing of a...more
As the evolution of payments continues at a rapid pace it is important that industry participants are up to date on the regulatory developments supporting and guiding these developments. This publication outlines the key...more
Banks and EMIs will need to consider the impacts of proposed new requirements to comply with information notices and account direct deduction orders on their policies, procedures and controls. For information notices, this...more
On 14 January 2025, the Bank of England ("BoE") published a design note outlining its current thinking relating to the design of a digital pound (the "Design Note") and a progress update summarising the BoE’s work on...more
In our previous Comparative Guide, we explored innovations in private forms of digital money and money-like instruments available to retail customers, including fiatreferencing stablecoins, e-money and tokenised deposits. As...more
On 16 December 2024, the FCA published a discussion paper (DP24/4) (the “Discussion Paper”) on admissions and disclosures and market abuse regimes for cryptoassets. This is part of a series of publications by the FCA (and the...more
On 26 November 2024, the FCA published a number of communications relating to its approach to developing the future cryptoassets regime for the UK, including a roadmap for the development and introduction of the UK’s...more
The FCA has published its expectations on registered or regulated firms partnering with unregistered cryptoasset firms, which may be illegally promoting to UK consumers....more
Key developments of interest over the last month include: the UK Chancellor of the Exchequer makes her first Mansion House speech and HM Treasury publishes the National Payments Vision, indicating a focus on economic growth...more
At her inaugural Mansion House speech on 14 November 2024, the Chancellor of the Exchequer outlined a number of key policy initiatives for the UK financial services sector. This note sets out the main initiatives, which...more
Key developments of interest over the last month include: the Bank of England publishing a discussion paper on its approach to innovation in money and payments; the European Commission publishing clarifying Q&As on the...more
From the use of metal coins to the dematerialization of money, the advent of distributed ledger technology (DLT) and tokenisation arguably represents the next stage in the evolution of money and the payments ecosystem. As...more
A recent Court of Justice of the European Union (ECJ) judgment has considered where the boundary lies between regulated payment services and e-money issuance. Read on for a more detailed look at the reasoning of the ECJ in...more
On 19 December 2023, the Payment Systems Regulator (PSR) published its final policy statement on fighting authorised push payment (APP) scams alongside three legal instruments that will give effect to the new mandatory...more
The European Commission has just published its current thinking on green mergers. Recognizing that competition law must play its part in achieving the European Green Deal, the Commission sets the scene and explains how its...more
Over the summer, the UK government announced that it had agreed a new Charter of support measures for mortgage holders with the FCA and the UK's principal mortgage lenders. Resultant changes to the FCA’s mortgages sourcebook...more
9/6/2023
/ Consumer Financial Products ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loans ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Securitization Standards ,
Structured Finance ,
UK
HM Treasury has published the response to its July 2022 consultation and call for evidence on payments regulation and the systemic perimeter. HMT proposes the following next steps: extend the scope of the Bank of England’s...more
Key developments of interest over the last month include: the European Commission’s publication of legislative proposals including for PSD3, a Payment Services Regulation and a digital euro; the UK Chancellor of the Exchequer...more
In his Mansion House speech on 10 July 2023, the Chancellor of the Exchequer Jeremy Hunt referred to further planned reforms - the ‘Mansion House reforms’ - that build on December 2022’s Edinburgh Reforms. This is all part of...more
The outlook for 2023 looks uncertain, following another tumultuous year. The collapse of a number of large cryptocurrency exchanges has shone another spotlight on the digital asset market. The financial system’s resilience...more
As part of the Edinburgh Reforms announced by the UK Chancellor of the Exchequer on 9 December 2022, HM Treasury is consulting on the customer information requirements in the Payment Accounts Regulations 2015 (PARs) which...more
For many firms, the "price and value" outcome will raise many new issues, and assessing whether a product or service represents fair value will require a wholly new approach....more
With the publication of the final rules there is now only a year to go before firms must comply with their Consumer Duty obligations. The FCA has emphasised that this must be a major cultural shift. While it’s good news that...more
The fifth edition of the Financial Services Regulatory Initiatives Grid has been published today by the Financial Services Regulatory Initiatives Forum. The initiatives in this edition include the Financial Services and...more