The Payment Systems Regulator (PSR) has published an update regarding next steps for its claims management consultation and its intention to adopt reporting standard B by December 2026. The claims management consultation was...more
We love a “to do” list! So, following a flurry of announcements from the FCA and publication of the Treasury’s Action Plan aimed at overhauling the current regulatory landscape, what is on the financial regulators’ “to do”...more
Following industry feedback - in particular prudential concerns for some smaller firms in the market – and work with the FCA, the Payment Systems Regulator (PSR) is consulting on a proposal to reduce the maximum level of...more
On 21 May 2024, the Payment Systems Regulator (PSR) published an interim report on its market review into card scheme fees and processing fees. The report focuses on the market position of Mastercard and Visa, with the PSR...more
New High Court case considers nature and scope of the Quincecare duty - In June, the Court of Appeal expanded the scope of a bank’s duty of care to protect its customers from fraud to encompass instructions by those other...more
Key developments of interest over the last month include: Nigeria: eNaira digital currency launched United Kingdom: PSR publishes final report on card-acquiring services market review United States: Federal Reserve launches...more
Due to its concerns that card-acquiring services might not be offering value for money for merchants, the PSR decided to conduct a comprehensive review of the card-acquiring sector focussing on the impact of competition and...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more
Collections function: PRA Dear Chief Risk Officer letter - The UK Prudential Regulation Authority (PRA) has published a letter to Chief Risk Officers (CROs) of non-systemic UK deposit takers, from Melanie Beaman, PRA...more
Draft Payment and Electronic Money Institution Insolvency Regulations - Recent regulatory developments focussed on the payments sector. See also our Financial institutions general regulatory news of broad relevance in the...more
PSR annual plan and budget for 2021/22 - The Payment Systems Regulator (PSR) has published its annual plan and budget for 2020/21, together with an accompanying factsheet. The plan sets out a summary of the PSR's key aims...more
The PSR is seeking views on potentially far ranging measures which aim to reduce authorised push payment (APP) fraud and improve protection for victims. Alongside this it is looking at increasing consumer protection in...more
SEPA direct debit schemes: EPC guidelines for appearance of mandates - The European Payments Council (EPC) has published revised guidelines on the appearance of mandates for the Single Euro Payments Area (SEPA) Direct Debit...more
Key developments of interest over the last month include: • United Kingdom: The Payment Systems Regulator (PSR) has published two calls for views, one of which focuses on authorised push payment (APP) scams and the other on...more
New Payments Architecture: PSR CP21/2 The UK Payment Systems - Regulator (PSR) has published a consultation paper, CP21/2, on the options for reducing risks to the successful delivery of the New Payments Architecture (NPA)....more
United Kingdom: HM Treasury consults on regulatory approach to cryptoassets and stablecoins On 7 January 2021 HM Treasury (HMT) published a combined consultation paper and call for evidence on the regulatory approach to...more
The mobile payments sector is on regulatory tenterhooks following the increase in the use of mobile wallets and the entry of new competitors, including tech companies, in the sector. The European Commission ("EC") just...more
Key developments of interest over the last month include: United Kingdom: The Payment Systems Regulator has published its interim report on its market review into the supply of card-acquiring services. ...more
APP scams: PSR call for improvements - The Payment Systems Regulator (PSR) has published a document in which Genevieve Marjoribanks, PSR Head of Policy, sets out how the PSR wants to see improvements relating to...more
Payments landscape review: HM Treasury call for evidence - HM Treasury has published a call for evidence as part of the payments landscape review. The call for evidence is the first stage in the review, which was announced...more
Key developments of interest over the last month include: Australia: Open banking launches with the initiation of the Consumer Data Right. Customers of Australia's four major banks can choose to share certain types of data...more
Safeguarding UK cash infrastructure: Joint Authorities Cash Strategy Group policy paper - HM Treasury has published a policy paper of the Joint Authorities Cash Strategy (JACS) Group on safeguarding the UK's cash...more
Recent regulatory developments include the UK FCA/PSR update on mapping and an EU Commission review report on the Interchange Fee Regulation....more
Access to cash: FCA and PSR joint approach - The UK Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have published a statement on their approach on access to cash. The statement includes a summary...more