On 14 November 2024, HM Treasury issued a policy paper, National Payments Vision.
The National Payments Vision (Vision) outlines the Government’s ambitions for bolstering the UK’s payments sector to deliver economic growth. It also addresses the findings from the independent Future of Payments Review 2023, led by Joe Garner, and extensive stakeholder
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
On 3 October 2024, HM Treasury (HMT) published a final draft of the Payment Services (Amendment) Regulations 2024, which are intended to allow payment service providers (PSPs) to slow down the processing of outbound payments when there are reasonable grounds to suspect fraud or dishonesty.
The draft Regulations are intended
On 3 October 2024, the Payment Systems Regulator (PSR) published a policy statement, PS24/7, confirming the maximum level of reimbursement under its Faster Payments Authorised Push Payment (APP) scams reimbursement requirement.
Background
The PSR announced on 26 September 2024 that it had decided to start the maximum level that PSPs
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 20 September 2024, the Payment Systems Regulator (PSR) published an updated version of its guidance on powers and procedures.
The guidance covers the PSR’s role as the regulator for payment systems and the powers it has under the Financial Services (Banking Reform) Act 2023 (FSBRA) to take regulatory action by
On 18 September 2024, the Payment Systems Regulator (PSR) published a consultation paper, CP24/12, on a draft statement of policy on its cost benefit analysis (CBA) framework.
The Financial Services and Markets Act 2023 introduced additional CBA accountability requirements for the PSR, including a requirement to publish a statement of
On 30 July 2024, the Bank of England (BoE) published a discussion paper (DP) on its approach to innovation in money and payments. The DP asks for responses on “the next step in a wide-ranging conversation on how to deliver an ambitious agenda for the UK payments landscape”.
In the DP
On 30 July 2024, the Bank of England (BoE) published a discussion paper (DP) on its approach to innovation in money and payments. The DP asks for responses on “the next step in a wide-ranging conversation on how to deliver an ambitious agenda for the UK payments landscape”.
In the DP