To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year.
We will resume posting material following the festive period on 7 January 2025 although if there are any significant developments we will endeavour to provide an update.
On 8 November 2024, the Payment Systems Regulator (PSR) published a Dear CEO letter to tech firms, dated 6 November 2024, regarding its plans to publish data on firms that enable fraud.
The PSR explains in the letter that preventing authorised push payment (APP) fraud is a top priority, due
It has been a busy couple of weeks for payments regulation – the go-live of the APP scam reimbursement rules, the FCA feeding back on its findings related to implementation of the Consumer Duty by payments firms and the FCA’s publication of its proposed new framework for safeguarding. The safeguarding proposals are particularly interesting –
In the summer of 2023, the European Commission issued a payment services legislative package which amends the existing Payment Services Directive 2 (PSD2). A new Directive, PSD3, was proposed together with a Regulation, the Payment Services Regulation (PSR). In addition, a further Regulation was proposed, a Regulation on a Framework for
On 25 September 2024, the Payment Systems Regulator (PSR) confirmed that the maximum reimbursement limit for victims of Faster Payments authorised push payment (APP) scams will be £85,000.
The PSR had previously published a consultation on the proposed limit on 4 September 2024. The maximum reimbursement value had previously been set
On 25 September 2024, the Financial Conduct Authority (FCA) published Consultation Paper 24/20 on proposed changes to the safeguarding regime for payments and e-money firms. The aim of the proposals is to make safeguarding rules stronger and clearer for these firms so that customers get as much of their money back as quickly
On 26 July 2024, the Financial Conduct Authority (FCA) published several Policy Papers designed to strengthen the UK’s capital markets.
Three Consultation Papers (CPs) set out proposed rules for the new Public Offers and Admissions to Trading Regime (POATR), which will replace the existing UK Prospectus Regulation. A Policy
On 18 July 2024, the Payment Systems Regulator (PSR) launched a consultation (CP24/10) on draft guidance to support payment service providers (PSPs) in their assessment of whether an authorised push payment (APP) scam claim raised by a consumer is not reimbursable under the reimbursement requirement because it
It was a pleasure to attend the latest series of policy roundtables hosted by the Financial Conduct Authority as the industry looks to collaborate on the possible routes forward regarding the expansion of the UK regulatory regime to trading venues and other cryptoassets “intermediaries”.
There were some really interesting views put forward by the working
In our latest briefing we set out some of the key upcoming dates that we are aware of so far in the financial services space for 2024, together with links to our relevant content for each development. We will publish an updated version of this horizon scanner next quarter.
For further detail on some of