United Kingdom

Topic: Payment Services

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Joint Regulatory Oversight Committee – Terms of reference

On 24 June 2022, there was published the terms of reference of the Joint Regulatory Oversight Committee (Committee). The Committee comprises of the Competition and Markets Authority, Financial Conduct Authority, Payment Systems Regulator and HM Treasury. The Committee’s role is to oversee the planning and preparation for the future open banking entity and consider the … Continue Reading

EBA responds to Commission call for advice on the PSD2

On 23 June 2022, the European Banking Authority (EBA) responded to the European Commission’s call for advice on the review of the revised Payment Services Directive (PSD2). The EBA’s response takes the form of an opinion and a report and offers more than 200 proposals to help develop the EU retail payments market. The PSD2 … Continue Reading

FCA updates webpage on Payment Accounts Regulations: Linked Services List

On 18 May 2022, the FCA updated its webpage ‘Payment Accounts Regulations: Linked Services List’. The FCA has added to this webpage the following new sections: more information about who this applies to, next steps and stakeholder feedback. In terms of who this applies to, the FCA states that the webpage will be of interest … Continue Reading

CPMI paper – ‘Extending and aligning payment system operating hours for cross-border payments’

On 12 May 2022, the Committee on Payments and Market Infrastructures (CPMI) issued a final report on extending and aligning payment system operating hours for cross-border payments. The final report focuses on the operating hours of real-time gross settlement (RTGS) systems as key payment systems to enhance cross-border payments. Key points in the final report … Continue Reading

Commission launches targeted consultation on the review of the PSD2 and open finance

On 10 May 2022, the European Commission launched a public consultation to gather evidence for the revised Payment Services Directive (PSD2) review and to inform its work on open finance. The Commission is seeking to identify whether the PSD2 has achieved its objectives and whether amendments are needed to ensure that its rules remain relevant. … Continue Reading

EBA final report on the amendment of its technical standards on the exemption to SCA for account access

On 5 April 2022, the European Banking Authority (EBA) issued a final report on the amendment to the regulatory technical standards (RTS) on strong customer authentication (SCA) and secure communication under the revised Payment Services Directive (PSD2). The final report follows a consultation paper that the EBA published last March which set out proposed targeted … Continue Reading

PSR – Annual plan and budget

On 29 March 2022, the Payment Systems Regulator (PSR) published its annual plan for 2022/23. Key projects for the PSR in 2022/23 include: Account-to-account retail payments and card fees – the PSR will be working to make account-to-account payments become a realistic alternative to credit and debit cards. Authorised push payment (APP) scams – the … Continue Reading

UK payments regulation review

On 16 March 2022, UK Finance published the UK payments regulation review, making sense if where to go now. This report explores the impact of regulation and outlines how industry, lawmakers and regulators can work together to strengthen and enhance the UK’s payments infrastructure and regulatory and supervisory frameworks, following Brexit and in the light … Continue Reading

Updated FCA webpage on SCA

On 1 March 2022, the FCA updated its webpage on strong customer authentication (SCA) so that it includes commentary on the SCA reauthentication exemption. If an account servicing payment service provider (ASPSP) adopts the exemption it means customers will not need to reauthenticate when they access their account information through a third party provider (TPP). … Continue Reading

EBA publishes final guidelines on the limited network exclusion under the PSD2

On 24 February 2022, the European Banking Authority (EBA) issued a final report containing guidelines on the limited network exclusion under the revised Payment Services Directive (PSD2). Following the publication of the PSD2 in November 2015, the EBA and the European Commission received a number of queries on the application of the ‘exclusion’ under Article … Continue Reading

Mobile Initiated SEPA (Instant) Credit Transfer Payments and Technical Interoperability Guidance

On 21 February 2022, the European Payments Council (ECP) published an updated version of its 2019 guidance on, Mobile Initiated SEPA (Instant) Credit Transfer Payments and Technical Interoperability. The updated guidance was prepared after a public consultation that took place last year and includes various updates to chapters to take into account market and technical … Continue Reading

Legislative review of the European crypto-assets “travel-rule” proposal continues

On 9 February 2022, the European Parliament’s Economic and Monetary Affairs (ECON) and Civil Liberties, Justice and Home Affairs (LIBE) committees published their joint draft report  on the European Commission’s July 2021 proposal for a regulation on information accompanying transfers of funds and certain crypto-assets (the so called “travel rule” regulation). The draft report, prepared … Continue Reading

Bank of England, FCA, PRA and PSR conduct 2021 review of MoU for payment systems in the UK

On 14 February 2022, the Financial Conduct Authority (FCA), Bank of England (BoE) Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) published a statement relating to a review of the Memorandum of Understanding (MoU) for payment systems in the UK. The MoU sets out the high-level framework that the authorities use to cooperate … Continue Reading

PSR finalises plans for the wider implementation of fraud prevention tool, Confirmation of Payee

On 10 February 2022, the Payment Systems Regulator (PSR) confirmed and published a new rule that paves the way for more banks and building societies to adopt Confirmation of Payee (CoP), the bank account name checking service. In 2019, the PSR directed the UK’s six biggest banking groups to implement the first stage of CoP … Continue Reading

PSR remedies consultation for card-acquiring market review

On 26 January 2022, the Payment Systems Regulator (PSR) published a consultation on remedies following its market review into card-acquiring services. The PSR published a final report setting out its findings from a review of the card-acquiring market in November 2021. The PSR found that the supply of card-acquiring services does not work well for … Continue Reading

Letter to Danish Financial Supervisory Authority regarding Interpretation of the Payment Accounts Directive and Negative interest rates

On 17 January 2022, the European Commission published its response to letters it had received from the Danish Financial Supervisory Authority (FSA) regarding the interpretation of the Payment Accounts Directive (PAD) and charging negative interest rates on payment accounts. In its letter the Commission states that it leans towards a conclusion whereby negative interest rates … Continue Reading

Payment fraud data trends

On 17 January 2022, the European Banking Authority (EBA) issued a Discussion Paper setting out its preliminary observations on selected payment fraud data under the revised Payment Services Directive (PSD2), as reported by the industry during 2019 and 2020. The EBA sets out in the Discussion Paper its main findings related to three payment instruments: … Continue Reading

PSR publish an access and governance report on interbank payment systems

On 11 January 2022, the Payment Systems Regulator (PSR) published their latest access and governance report on interbank payment systems, showing trends and developments in payment systems over 2019 and 2020.  The report focuses on the operators of, and access to, the interbank (or ‘account-to account’) payment systems. It does not cover the card payment … Continue Reading

PSR Policy Statement ‘Regulatory framework for the New Payments Architecture central infrastructure services’

On 9 December 2021, the Payment Systems Regulator (PSR) published Policy Statement 21/3 ‘Regulatory framework for the New Payments Architecture central infrastructure services’ (PS21/3). In PS21/3 the PSR sets out the regulatory framework it will implement to address risks to competition and innovation arising from the behaviour of a provider of central infrastructure services (CIS) … Continue Reading
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