News & Analysis as of

UK Payment Systems Regulator

Authorised push payment scams - Payment Systems Regulator announces consultation into reimbursement model for victims

by DLA Piper on

The Payment Systems Regulator (PSR) published its Report on Authorised Push Payment (APP) scams on 7 November 2017 and announced a Consultation into a model to reimburse victims which it believes could be introduced by the...more

UK Payment Systems Regulator Consults on Reimbursement of Victims of Payment Scams

by Shearman & Sterling LLP on

The UK Payment Systems Regulator has published a report on the initiatives it has engaged in with banks, the payment systems industry and the Financial Conduct Authority to prevent or mitigate harm to consumers from scams...more

Orrick's Financial Industry Week In Review

On August 21, 2017, the European Commission published the text of a Delegated Regulation that amends the Capital Requirements Regulation (Regulation 573/2013) ("CRR"). The main amendment pertains to Article 496(1) of the CRR....more

CMA Publishes Finalized Versions of Regulated Payment System Appeals Rules and Guide

On August 18, 2017, the Competition and Markets Authority (“CMA“) published the final version of its rules of procedure (CMA65) which governs appeals made under section 79 of the Financial Services (Banking Reform) Act 2013...more

UK Delivery Plan for Consolidation of Payment Systems Operators

by Shearman & Sterling LLP on

The Payment System Operator Delivery Group, an independently chaired body set up by the Payment Systems Regulator and the Bank of England, has published a recommended Delivery Plan for the consolidation of the operators of...more

UK Payment Systems Regulator Consults on Monitoring and Enforcing the Revised Payment Services Directive

by Shearman & Sterling LLP on

The Payment Systems Regulator has opened a consultation on its proposed approach to monitoring and enforcing the revised Payment Services Directive. The UK Government has separately consulted on draft Payment Services...more

UK Payment Systems Regulator Publishes Final Report on Proposed Financial Penalty Scheme

by Shearman & Sterling LLP on

The UK Payment Systems Regulator has published a Report outlining how it will use the money retained from any financial penalties it imposes...more

Hogan Lovells Global Payments Newsletter - March 2017

by Hogan Lovells on

Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more

UK regulatory innovation: So what's the Plan?

by Hogan Lovells on

In its 2015 Productivity Plan, the government committed to working with UK regulators to publish Innovation Plans setting out how legislation and enforcement frameworks could adapt to emerging technologies and disruptive...more

UK Payment Systems Regulator Consults Further Remedies for Competition Issues Relating to Bank Ownership of Payment...

by Shearman & Sterling LLP on

The Payment Systems Regulator published proposals for remedying the lack of competition in the provision of UK payments central infrastructure for Bacs, FPS and LINK which means that the incumbent provider, VocaLink, faces...more

UK Payment Systems Regulator Publishes Consultation Paper on Proposed Financial Penalty Scheme

by Shearman & Sterling LLP on

The UK Payment Systems Regulator published a consultation paper and proposed guidance on the Financial Penalty Scheme that is applicable to penalty payment amounts retained by the PSR...more

UK Payment Systems Regulator Publishes Final Guidance on the European Interchange Fee Regulation

by Shearman & Sterling LLP on

The UK Payment Systems Regulator published the final Guidance on its approach to monitoring compliance with the EU Interchange Fee Regulation. The final Guidance consolidates the previous final Guidance published in March...more

UK Payment Systems Regulator Designates BACS Current Account Switching Service as an Alternative Arrangement

by Shearman & Sterling LLP on

The UK Payment Systems Regulator published a decision designating the Current Account Switch Service operated by BACS Payment Schemes Limited as an alternative arrangement under the Payment Accounts Regulations 2015...more

UK Payment Services Regulator Reports on Bank Ownership of Payment Infrastructure

by Shearman & Sterling LLP on

The Payment Services Regulator published its final report on its market review into the ownership and payment infrastructure competitiveness in the UK...more

UK Financial Regulatory Developments - June 2016 #1

by Dentons on

Insurance Europe reiterates PRIIPSs concerns - Insurance Europe has published a paper articulating its detailed concerns over the RTS produced by the European Supervisory Authorities in support of the Key Information...more

Financial Services Regulation: Exchange – International Newsletter Issue 29 – May 2016

by DLA Piper on

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-ninth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in the...more

UK Payment Systems Regulator Consults on Application of Interchange Fee Regulation in the UK

by Shearman & Sterling LLP on

The UK Payment Systems Regulator published a consultation paper on the application of provisions in the Interchange Fee Regulation, which take effect in the UK from June 9, 2016. The IFR sets a limit on interchange fees on...more

UK Financial Regulatory Developments - May 2016 #11

by Dentons on

The Law Society responds to ESMA’s EU MAR consultation - The Law Society has published the Law Society and City of London Law Society Company Law Committees Joint Market Abuse Working Party’s response to ESMA’s...more

UK Payment Systems Regulator Policy Statement and Guidance on Alternative Arrangements for Switching Accounts

by Shearman & Sterling LLP on

The UK Payment Systems Regulator published a Policy Statement and final Guidance on the application of the Payment Accounts Regulations 2015 in respect of alternative arrangements for switching accounts. The final guidance...more

UK Financial Regulatory Developments - April 2016 #23

by Dentons on

PSR reviews competition in the payments sector - Carole Begent, PSR Head of Legal, has given a review of competition in the payments sector. She discussed the three ways in which concurrency can be approached, namely the...more

UK Financial Regulatory Developments - April 2016 #12

by Dentons on

Basel Committee reports on adoption of the Basel framework - The Basel Committee has published its tenth progress report on adoption of the Basel III regulatory framework as part of the Committee’s regulatory consistency...more

UK Payment Systems Regulator Will Not Introduce New Access and Governance Requirements for Card Payment Schemes

by Shearman & Sterling LLP on

The UK Payment Systems Regulator announced that after consideration, it had decided that it would not be imposing any new access or governance requirements on card payment schemes. The PSR introduced governance requirements...more

Financial Regulatory Developments Focus - March 2016 #4

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

UK Financial Regulatory Developments - April 2016 #1

by Dentons on

Basel Committee updates Basel III monitoring FAQs - The Basel Committee has published an updated version of its Basel III monitoring FAQs, including new questions on the “DefCap” worksheet, large exposures and the...more

UK Payment Systems Regulator Issues Guidance Setting Credit and Debit Interchange Caps

On March 24th, the United Kingdom’s Payment Systems Regulator (PSR) issued final guidance establishing interchange fee caps on credit and debit card transactions where the point of sale is located in the United Kingdom. The...more

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