Payments regulatory news, April 2021

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Recent regulatory developments focussed on the payments sector. Reports on LSB call for input on CRM Code of APP scams and European Commission consultation on instant payments.

Contents

  • CRM Code for APP scams: LSB call for input
  • Instant payments: European Commission consultation

Following a seasonal break, the next update will be published on 19 April 2021.

CRM Code for APP scams: LSB call for input

The Lending Standards Board (LSB) has published a call for input on the contingent reimbursement model code (CRM Code) for authorised push payment (APP) scams. The call for input follows on from the LSB's report following its review of the code, which was published in January 2021. This LSB call for input focuses on specific topics for which there was insufficient evidence submitted in the full review to enable it to form policy and decisions relating to the code.

The deadline for responses is 26 May 2021.

Instant payments: European Commission consultation

The European Commission has published a public consultation on instant payments. The aim of the consultation is to identify concerns that would need to be addressed to incentivise EU payments market players to offer innovative, convenient, safe and cost-efficient pan-European payment solutions based on instant credit transfers. Feedback will enable the Commission to decide on whether EU coordinated action and/or policy measures are warranted in order to ensure that a critical mass of EU payment service providers offer instant credit transfers. The consultation also seeks to identify factors that would be relevant for stimulating customer demand towards instant credit transfers.

The deadline for responses is 23 June 2021.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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