On 16 January 2025, the Payment Systems Regulator (PSR) published an updated strategy setting out its commitments for the next two years.
The updated strategy sets out the following 3 core commitments that the PSR will focus on for the remainder of the strategy term:
On 13 December 2024, the Payment Systems Regulator (PSR) issued:
On 13 December 2024, the Payment Systems Regulator (PSR) published a consultation paper, CP24/14, setting out potential remedies to the issues identified in the Final Report of its Market Review into Cross Border Interchange Fees.
The proposals
The PSR’s Final Report on its Market Review found several harms associated with the lack
On 16 December 2024, the Bank of England (BoE) published a speech on Payment cycles: An update on the Future Roadmap for the RTGS service, which was delivered by its executive director for payments, Victoria Cleland, at FinTech Connect on 5 December 2024.
Background
The BoE published a discussion paper on
On 12 December 2024, HM Treasury (HMT) and the Economic Secretary to the Treasury, Tulip Siddiq MP, announced the launch of an independent review of the Payment and Electronic Money Institution Insolvency Regulations 2021.
Background
The Payment and Electronic Money Institution Insolvency Regulations 2021 introduced a new Payment and Electronic Money Special
On 12 December 2024, the Financial Stability Board (FSB) published:
On 3 December 2024, the Payment Systems Regulator (PSR) published a consultation paper, CP24/13, on proposed changes to Specific Direction 3 (SD3). SD3 sets the legal requirements for Pay.UK in procuring upgraded infrastructure for payments currently made over Faster Payments (FPS).
Background
SD3 requires Pay.UK to migrate all
On 22 November 2024, the Financial Conduct Authority (FCA) published finalised guidance FG24/6: Guidance for firms that enables a risk-based approach to payments.
Background
The Payment Services (Amendment) Regulations 2024, which came into force on 30 October 2024, amended the Payment Services Regulations 2017 to extend the amount of time that a
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 –
Introduction
On the 7 October, 2024 the Payment Systems Regulator (the ‘PSR’) landmark reform to tackle authorised push payment (‘APP’) fraud came into force.
Whilst some of the uncertainty surrounding scope of application of the measures has begun to settle, many will now be questioning what role the FOS will play in relation to related