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
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
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
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
The Payment Systems Regulator (PSR) has published a policy statement and final Specific Direction to banks and other payment firms participating directly or indirectly in CHAPS (the UK’s high-value payment system) to...more
Key developments of interest over the last month include: the UK Payment Systems Regulator publishing a policy statement on directing APP scams reimbursement for CHAPS payments and final guidance on distinguishing between APP...more
The FCA has published a report setting out its findings from follow-up work on payment account access and closures, together with the results of independent research on the experiences some of the most financially excluded...more
On 30 July 2024, the Bank of England (BoE) published a discussion paper setting out its approach to innovations in money and payments (Discussion Paper). In the Discussion Paper, the BoE sets out its current view on...more
The Payment Systems Regulator (PSR) has published a policy statement (PS24/3) on compliance and monitoring under the Faster Payments System (FPS) APP fraud mandatory reimbursement requirement. The PSR has rowed back on some...more
The Payment Systems Regulator (PSR) and the Financial Conduct Authority (FCA) have launched a joint call for information on the opportunities and risks of digital wallets for people and businesses. This comes as recent data...more
The Payment Systems Regulator (PSR) is consulting on draft guidance to support payment service providers (PSPs) in their assessment of whether an APP scam claim raised by a consumer is not reimbursable under the new...more
Coinciding with the publication of its first report on how it has taken forward its new secondary UK competitiveness and economic growth objective, the FCA has published a Call for Input (CfI) on how far it may be appropriate...more
On 17 July 2024, the King’s Speech and associated background briefing notes were presented and published. These contain a summary of the new government’s plans, including a number of proposed bills which could be of...more
The Payment Systems Regulator (PSR) is consulting on a proposal to direct banks and other payment firms participating directly or indirectly in CHAPS (the UK’s high-value payment system) to reimburse their customers who have...more
The Bank of England has published the final versions of three Codes of Practice on wholesale cash distribution and accompanying Guidance relating to information gathering, third-party arrangements and cash centre closures and...more
A speech by the Bank of England’s Deputy Governor for Financial Stability, Sarah Breeden, at the Innovate Finance Global Summit 2024, considered the implications of new technologies for digital money, retail payments, and...more
Key developments of interest over the last month include: the EU’s regulation on instant credit transfers in euro coming into force; the Bank for International Settlements (BIS) announcing a public-private partnership to...more
On 20 February 2024, the FCA published details of recent good practice in Consumer Duty implementation and highlighted areas for improvement. As well as this, the FCA also published the results of a second survey of firms on...more
The Central Bank of Ireland (CBI) is consulting on changes to the Consumer Protection Code 2012 (Code). The proposals look to support effective consumer protection and reflect the changes taking place in financial services by...more
In July 2023, the UK government committed to changing the requirements on payment service providers (PSPs) when terminating payment service contracts. HM Treasury has now published draft regulations amending the Payment...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
As part of measures introduced under the Financial Services and Markets Act (FSMA) 2023, the Financial Conduct Authority (FCA) and the Bank of England (BoE) have published consultations relating, respectively, to maintaining...more
In the latest developments relating to the UK's open banking landscape, on 18 December 2023 the Payment Systems Regulator (PSR) released a consultation paper outlining plans for expanding variable recurring payments (VRP)...more
The Prudential Regulation Authority (PRA) has published a policy statement (PS15/23) on scope, criteria, liquidity, reporting and disclosure requirements under the Strong and Simple framework. This is a set of prudential...more
From 31 July 2024, the FCA's Consumer Duty will apply to closed products and services (that is, products that were closed prior to the 31 July 2023 deadline for new and existing products or services open to sale or renewal)....more