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Payment Systems UK Payment Systems Regulator United Kingdom

A&O Shearman

UK Payments Regulator Consults on Reducing Maximum Level of Reimbursement for APP Scams

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Following feedback from industry and other stakeholders, the Payments Systems Regulator published a consultation paper on reducing the maximum level of reimbursement for the Faster Payments APP fraud reimbursement limit from...more

A&O Shearman

UK Financial Conduct Authority Reports on Payment Account Access and Closures

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This new report sets out four thematic findings from the follow-up work the FCA has carried out, which are as follows: The FCA summarizes its expectations of payment account providers, including in respect of the Consumer...more

A&O Shearman

UK Payment Systems Regulator Publishes Response to Call for Views on Expanding Variable Recurring Payments

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The U.K. Payment Systems Regulator has published a response to its call for views on proposals for the expansion of variable recurring payments. VRPs allow customers to safely connect authorised payment providers to their...more

BCLP

Mandatory Reimbursement for App Fraud: What Payment Service Providers Need to Consider Ahead of Implementation

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The controversial new requirement for all in-scope Payment Service Providers (“PSPs”) to reimburse victims of Authorised Push Payment (“APP”) fraud are due to be introduced from 7 October 2024. This is a significant change...more

Hogan Lovells

APP fraud: UK PSR draft guidance on distinguishing between APP scam claims and civil disputes

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The Payment Systems Regulator (PSR) is consulting on draft guidance to support payment service providers (PSPs) in their assessment of whether an APP scam claim raised by a consumer is not reimbursable under the new...more

A&O Shearman

Draft UK Legislation to Address Push Payment Fraud

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HM Treasury has published a policy note and a draft statutory instrument—The Payment Services (Amendment) Regulations 2024—on a risk-based approach to payments to mitigate against authorized push payment fraud. HM Treasury...more

A&O Shearman

UK Future of Payments Review Report Published

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HM Treasury has published the Future of Payments Review report, setting out the Review's recommendations for HM Treasury, the regulators and industry that aim to improve the U.K.'s existing payments landscape for consumers....more

Hogan Lovells

APP fraud: UK PSR consults on implementing instruments for mandatory reimbursement requirement

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Following Royal Assent for the Financial Services and Markets Act 2023, the Payment Systems Regulator (PSR) has wasted little time in launching a consultation on the three legal instruments that will implement its policy on...more

Wilson Sonsini Goodrich & Rosati

Innovations in Payments: Regulation, Infrastructure, and Opportunities

Much is written about revolutionary developments in payments, but the reality of progress in such a complex area is that it is often evolutionary. Legislators, regulators, and industry have been working incrementally to...more

Hogan Lovells

Global Payments Newsletter, November 2022

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Key developments of interest over the last month include: discussions over tightening crypto regulation in Europe and Asia; digital currency pilots in India and the U.S.; and UK Payment Systems Regulator looking into card...more

Hogan Lovells

Card fees: UK Payment Systems Regulator publishes final terms of reference for two market reviews

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The UK Payment Systems Regulator (PSR) has finalised its plans for two market reviews focusing on card fees. One review will look at card scheme and processing fees, and the second at UK-EEA interchange fees. Findings from...more

Hogan Lovells

Global Payments Newsletter, October 2022

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Key developments of interest over the last month include: the UK Payment Systems Regulator’s proposals on mandatory reimbursement for APP fraud; the Central Bank of Ireland’s announcement of a review of the Consumer...more

Hogan Lovells

Card-acquiring services: PSR final decision on remedies aimed at triggering merchant engagement

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The Payment Systems Regulator (PSR) has published a policy statement containing its final decision on remedies for its card-acquiring market review, with three specific directions to put them into effect. The specific...more

Hogan Lovells

APP fraud: PSR proposals mean that mandatory reimbursement for scam victims is on the way

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Following a previous consultation in November 2021 on a package of measures to combat authorised push payment (APP) scams, the Payment Systems Regulator (PSR) is now consulting on specific proposals on mandatory reimbursement...more

Hogan Lovells

Global Payments Newsletter, June 2022

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Key developments of interest over the last month include: UK Payment Systems Regulator announces two market reviews on card fees; Reserve Bank of India publishes Payments Vision 2025; and U.S. Department of Commerce solicits...more

A&O Shearman

UK Payment Systems Regulator Highlights Potential Cyber Security Risks Arising from the Situation in Ukraine

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The U.K. Payment Systems Regulator has issued a statement on the situation in Ukraine. The PSR encourages firms to reflect on how they are managing their risks related to the situation, in particular...more

A&O Shearman

UK Payment Services Regulator Announces Closure of Phase 1 Technical Environment for Confirmation of Payee Services

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The U.K. Payment Systems Regulator has announced a phase-out of the Phase 1 technical environment that enables certain U.K. payment services providers to provide confirmation of payee services. The PSR's Specific Direction...more

Hogan Lovells

Card-acquiring services: PSR’s remedies proposals aim to trigger merchant engagement

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The PSR has published its planned remedies consultation following the final report of its card-acquiring services market review (November 2021). The remedies focus on addressing the root causes of the PSR’s finding that the...more

Hogan Lovells

Payments regulatory news, August 2021 #2

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CRM code for APP scams: LSB update The Lending Standards Board (LSB) has published a press release setting out the next steps for the contingent reimbursement model code (CRM code) for authorised push payment (APP) scams. ...more

Hogan Lovells

Payments regulatory news, October 2020

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Future strategy review: PSR requests input on three themes - The UK Payment Systems Regulator (PSR) is working on defining its future strategy. It has published webpages requesting input on three themes...more

Hogan Lovells

Payments regulatory news, September 2020 # 4

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We have published the September 2020 edition of our Global Payments Newsletter. Key developments of interest over the last month include: United Kingdom: the Payment Systems Regulator (PSR) has published its interim report...more

BCLP

Payment Fraud: PSP’s Obligations

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In accordance with recent UK Finance statistics, in 2019 banks and card companies prevented £1.8 billion in unauthorised payment fraud and between 2018 and 2019 APP fraud losses increased by almost 30% to £456 million. In...more

Hogan Lovells

Payments regulatory news, April 2020

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Funding no-blame APP scams: PSR considers options - The Payment Systems Regulator (PSR) has published slides and speaker notes of Chris Hemsley, PSR Managing Director, for a call on authorised push payment (APP) scams,...more

Hogan Lovells

Payments regulatory news, April 2020 #2

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COVID-19: FCA update on strong customer authentication under PSRs 2017 - On 31 March 2020, the FCA updated its webpage on strong customer authentication (SCA) under the Payment Services Regulations 2017. ...more

A&O Shearman

COVID-19: FCA Announcement on Key Workers in Financial Services and other issues

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The FCA has published a series of measures and regulatory guidance on how financial services firms should deal with the coronavirus (COVID-19) pandemic. In our previous client notes, “Planning in a Time of Pandemic:...more

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