On 25 September 2023, the Financial Stability Board (FSB) published a report: Stocktake of international data standards relevant to cross-border payments. The report looks at national and regional data frameworks relevant to the functioning, regulation and supervision of cross-border payment arrangements. Furthermore, the report takes forward one of the priority actions under the G20 Cross-border … Continue Reading
On 19 September 2023, the FCA published a report setting out the findings of its initial data exercise on UK bank account access and closures. The report also explains what further work the FCA will undertake to examine the information provided and address gaps in the data. In order to better understand the scale and … Continue Reading
On 15 September 2023, the Payment Systems Regulator (PSR) published Consultation Paper 23/8: Cycle 2 – Additional changes to timelines and reporting periods (CP23/8). CP23/8 follows on from the PSR’s March 2023 Policy Statement 23/1: APP scams: Measure 1 Collection and publication of performance data. In that Policy Statement the PSR stated that it would … Continue Reading
On 15 August 2023, the Payment Systems Regulator (PSR) published two consultations in the lead up to its new authorised push payment (APP) fraud reimbursement requirements. Consultation on consumer standard of caution The first consultation proposes that the consumer standard of caution should consist of the following three things: Consultation on the maximum level of … Continue Reading
On 7 August 2023, HM Treasury published its response to the 2022 call for evidence and consultation on reforms to the Bank of England’s (BoE) and Payment Systems Regulator’s (PSR) respective regulatory frameworks over the payments sector. In the response document, HM Treasury commits to progressing reforms to both the BoE’s and the PSR’s respective … Continue Reading
On 20 July 2023, the Bank of England (BoE) published a speech by Victoria Cleland (Executive Director of Payments) entitled ‘Payments: it’s all change’. In her speech Victoria Cleland thanks the industry for their commitment to the recent migration to the ISO 20022 global financial messaging standard which marks the first stage in the major … Continue Reading
On 30 June 2023, the Payment Systems Regulator (PSR) published a working paper on a market review into card scheme and processing fees: recent changes to scheme and processing fees. This working paper is the third published in the course of the PSR’s Scheme and Processing fees market review. The purpose of these working papers … Continue Reading
On 11 July 2023, HM Treasury published a call for input to inform the Future of Payments Review 2023. The Review was launched in July 2023 to consider how payments are likely to be made in the future and make recommendations on the steps needed to successfully deliver world leading retail payments, further boosting UK … Continue Reading
On 7 July 2023, the Payments Systems Regulator (PSR) published a consultation paper concerning the legal instruments with which it will implement its authorised push payment (APP) scam reimbursement requirement policy. The consultation paper follows the PSR’s Policy Statement 23/3: Fighting authorised push payment fraud: a new reimbursement requirement – response to September 2022 consultation … Continue Reading
On 4 July 2023, the European Parliament published a report on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 260/2012 and (EU) 2021/1230, as regards credit transfers in euro.… Continue Reading
On 28 June 2023, the European Commission (Commission) issued legislative proposals intended to bring payments and the wider financial sector into the digital age. The legislative proposals consist of a proposed: The first two legislative proposals fulfil a commitment in the Commission’s 2020 Retail Payments Strategy and complement the Commission’s proposal from 2022 for a … Continue Reading
On 26 June 2023, the FCA updated its webpage on The future of open banking and the Joint Regulatory Oversight Committee (JROC). The updated webpage includes a new section on the set up of the variable recurring payments (VRP) working group and the future entity working group.… Continue Reading
On 19 June 2023, the Bank of England (the Bank), working closely with the payments industry, migrated CHAPS, the UK’s high-value payments system, to ISO 2022, the latest global financial messaging standard. This marks a significant milestone in the multi-year programme to renew the Bank’s Real Time Gross Settlement service, a programme whose objectives are … Continue Reading
On 8 June 2023, the Payment Systems Regulator (PSR) published a speech by Chris Hemsley, on fighting authorised push payment (APP) fraud: a new reimbursement requirement. The speech details the PSR’s final position on tackling APP scams. Mr Helmsley sets out the following decisions that the PSR has taken: Mr Hemsley goes on to highlight … Continue Reading
On 7 June 2023, the Payment Systems Regulator (PSR) published Policy Statement PS23/3: Fighting authorised push payment fraud: a new reimbursement requirement: Response to September 2022 Consultation (CP22/4) (PS23/3). In PS23/3 the PSR confirms that it is introducing a new reimbursement requirement for authorised push payment (APP) fraud within the Faster Payments system. The new … Continue Reading
On 6 June 2023, the FCA announced that the Joint Regulatory Oversight Committee (JROC) has set out the next steps to help UK open banking grow. The programme of work, set forth by the JROC, involves setting up dedicated work streams to action the key themes and priorities outlined in the recommendations that were issued … Continue Reading
On 31 May 2023, the European Payments Council (EPC) published the following publications related to the SEPA Request-to-pay (SRTP) scheme:… Continue Reading
On 12 May 2023, there was published a report from the European Commission to the European Parliament and the Council regarding the application of the Payment Accounts Directive (PAD). The report has been published in response to Article 28 of the PAD which requires the Commission to provide a report on the application of the … Continue Reading
On 25 April 2023, the Bank of England (BoE) published a statement on the renewed Real-Time Gross Settlement (RTGS) service. In the statement, the BoE confirms that the renewed service will take effect from June 2024 and will deliver benefits across a number of areas. RTGS lies at the heart of every payment in the … Continue Reading
On 18 April 2023, the Payment Systems Regulator (PSR) published a speech by its Chair, Aidene Walsh, at the Innovate Finance Global Summit. The speech focusses on innovation from a regulatory perspective, including what changes, what stays the same and the integral role the PSR can play. Ms Walsh explains that, for any payment system … Continue Reading
On 29 March 2023, the Bank of England (BoE) and the Prudential Regulation Authority (PRA) published the thematic findings from the 2022 cyber stress test (CST22). The findings are intended to support individual and collective work to improve the financial sector’s response to and recovery from incidents. Regular cyber stress tests are intended to test … Continue Reading
On 16 March 2023, the FCA published a Dear CEO letter on its priorities for payments firms. The letter was sent to CEOs of firms within the FCA’s payments portfolio, including those authorised or registered under the Payment Services Regulations 2017 (PSRs) and the Electronic Money Regulations 2011 (EMRs). The letter explains that the FCA … Continue Reading
On 6 March 2023, the Treasury Committee published a report in which it criticised new proposals to reimburse fraud victims. The Committee states that the implementation of mandatory reimbursement plans has been ‘painfully slow’ and also objects to new proposals by the regulator which would hand the refund process to an industry body, Pay.UK. New … Continue Reading
On 1 March 2023, the Committee on Payments and Market Infrastructures (CPMI) published a consultive report on the ISO 20022 harmonisation requirements for enhancing cross-border payments. This consultive report presents the CPMI’s proposed requirements for harmonised use of ISO 20022 for cross-border payments. The proposed requirements are the result of earlier discussions by a joint … Continue Reading
