The FCA has published a Portfolio letter setting out its priorities for payments and e-money firms amidst tightening economic conditions and the cost-of-living crisis. Among the three outcomes that it has set for firms in...more
Consumers and service providers should take note of some of the enhanced risks upon an e-money institution’s insolvency. Technology is rapidly changing the way customers and businesses interact with financial systems....more
Following on from the consultation paper issued in January 2021, the FCA has now published a Policy Statement setting out the amendments which will be made to the SCA-RTS and to the guidance in the Payment Services and...more
The Italian Ministry of Economy and Finance launched a public consultation on the long-awaited draft decree for the establishment of the Italian register of payment services agents, e-money distributors and central contact...more
Key developments of interest over the last month include: Hong Kong: FSTB publishes consultation conclusions on virtual asset services providers licensing regime Europe: European Commission publishes proposal for Regulation...more
UK contactless card payments limit: FCA consults on increase - In a COVID-19 update on mortgages, consumer credit, banking and payments, the UK Financial Conduct Authority (FCA) announced that it intends to consult on...more
The additional temporary guidance aims to strengthen the arrangements for safeguarding customers’ funds and firms’ prudential risk management in light of the impact of COVID-19. On 9 July 2020, the FCA published its...more
CHAPS enhanced ISO 20022 messages: BoE industry review - The Bank of England (BoE) has published an industry review of the CHAPS enhanced ISO 20022 messages....more
Upgraded legislation creates an enhanced regulatory framework for the new age of payments, including e-money and digital payment tokens. After much anticipation, and following consultations with the industry at large, the...more
FCA finalises guidance on cryptoassets and consults on product intervention measures. FCA guidance on the regulation of cryptoassets - As previously reported in this blog, the FCA consulted on guidance on cryptoassets...more
From August 2019, certain existing FCA rules and guidance will extend to payment service providers and e-money issuers in a signal that the FCA wants a consistent approach to consumer protection. The FCA has published a...more