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UK "de-banking": FCA update report on payment accounts access and closures

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

Big Tech and digital wallets: UK PSR and FCA publish call for information

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 Payments Newsletter including Digital Assets & Blockchain, July 2024

Key developments of interest over the last month include: the Bank of Italy’s communication on unauthorised payment transactions; the Reserve Bank of Australia’s announcement of an upcoming review into retail payments...more

UK PRA Strong and Simple framework: Policy statement on Phase 1 of 'simpler regime' work published

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

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

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

Financial Institutions Horizons 2023

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

Welcome 2022 – a year of tensions in the retail banking and payments space

It will come as no surprise that the two major regulatory developments we expect to dominate this year with gathering pace are the forthcoming consumer duty and ESG. Both have been a long time coming – indeed the FCA has been...more

Financial Institutions Horizons 2022

At our recent global conference we held in partnership with Global Digital Finance, our keynote speaker suggested that the three major drivers for financial institution regulators and policy makers for the next few years...more

UK Government’s legislative proposal indicates the approach to buy-now-pay-later regulation

The UK Government’s proposed amendments to the Financial Services Bill are the first step towards the regulation of buy-now-pay-later products. The amendments do not yet bring about regulation but will enable HM Treasury to...more

And so it begins: FCA consults on post-Brexit changes to SCA-RTS and Payments Approach Document

Barely a month since the end of the post-Brexit transition period, the FCA is consulting on changes to the onshored SCA-RTS and to the guidance in its Payment Services and E-Money Approach Document (and PERG). ...more

Hard Brexit: implications for banking, payments and consumer finance products

To ensure the financial system continues to work effectively if there is a "hard Brexit" HM Treasury has been finalising a series of statutory instruments which will ensure there is a workable legal framework for retail...more

The draft Brexit amendments to the Payment Accounts Regulations

6 November 2018 By Charles Elliott In the midst of the raft of Brexit related statutory instruments being published by the government in recent weeks, HM Treasury has published a draft version of the Payment Accounts...more

HMT looks to create payments parachute for a cliff-edge Brexit

HM Treasury's draft Brexit Regulations for UK payment services and e-money activity aim to soften the practical impact of the EEA suddenly becoming, to all intents and purposes, a third country regulatory regime overnight. ...more

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