Tag: Payment services

ECON press release on PSD3 and PSR

On 14 February 2024, the European Parliament’s Economic and Monetary Affairs Committee issued a press release stating that it had adopted draft reports concerning the draft Directive on payment services and electronic money services in the internal market and the draft Regulation on payment services in the internal market. These pieces of draft EU legislation … Continue Reading

PSR: Our draft cost benefit analysis framework

On 6 February 2024, the Payment Systems Regulator (PSR) published a document explaining its cost benefit analysis (CBA) framework. The framework is used to help the PSR develop policies that it can expect to have a positive impact. The PSR emphasises the importance of having policies that are based on appropriate and informed economic evidence, … Continue Reading

PSR consults on expanding variable recurring payments

On 18 December 2023, the Payment Systems Regulator (PSR) published a consultation paper, CP23/12, on expanding variable recurring payments (VRPs). In CP23/12, which has been published alongside a progress update from the Joint Regulatory Oversight Committee (JROC), the PSR is consulting on changes to Faster Payments to enable a phased expansion of VRPs. In particular, … Continue Reading

JROC publishes update on 2023 progress and sets out future UK open banking plans

On 18 December 2023, the Joint Regulatory Oversight Committee (JROC), which is co-chaired by the FCA and the Payment Systems Regulator (PSR), published an update on the progress it has made since it outlined its open banking vision in April 2023 and set out its plans to deliver a new generation of payment products and … Continue Reading

EPC – Yearly update of the “Payment Threats and Fraud Trends Report”

On 7 December 2023, the European Payments Council (EPC) published its yearly update of ‘Payment Threats and Fraud Trends Report’. The report provides an overview of the most important threats and other ‘fraud enablers’ in the payments landscape including social engineering, malware, botnets, and distribution denial of service. For each threat, an analysis is made … Continue Reading

HMT publishes report on the Future of Payments Review

On 22 November 2023, HM Treasury (HMT) published a report on the Future of Payments Review. The report, published alongside the Chancellor’s Autumn Statement, considers how payments are likely to be made in the future and makes recommendations on the steps needed to successfully deliver world leading retail payments, further boosting UK fintech competitiveness. The … Continue Reading

Published in OJ – Updated ECB guideline on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system.

On 27 October 2023, there was published in the Official Journal of the EU (OJ) Guideline (EU) 2023/2415 of the European Central Bank of 7 September 2023 amending Guideline (EU) 2022/912 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system. Guideline (EU) 2023/2415 amends Guideline (EU) 2022/912 (ECB/2022/8). The amendments: On 16 November … Continue Reading

ECON draft report on proposed directive on payment services and electronic money services in the internal market and amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC

On 16 November 2023, the European Parliament’s Committee on Economic and Monetary Affairs published a draft report (dated 13 November 2023) on the proposal for a directive of the European Parliament and of the Council on payment services and electronic money services in the Internal Market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC. … Continue Reading

ECON draft report on proposed regulation on payment services in the internal market and amending Regulation (EU) No 1093/2010

On 16 November 2023, the European Parliament’s Committee on Economic and Monetary Affairs published a draft report (dated 13 November 2023) on the proposal for a regulation of the European Parliament and of the Council on payment services in the internal market and amending Regulation (EU) No 1093/2010. The rapporteur is Marek Belka MEP.… Continue Reading

PSR consults on generally applicable requirements: draft review framework

On 9 November 2023, the Payment Systems Regulator (PSR) published a consultation paper on generally applicable requirements: draft review framework. The PSR has powers under Part 5 of the Financial Services (Banking Reform) Act 2013 (FSBRA) to regulate payment systems designated by HM Treasury. The Financial Services and Markets Act 2023 added new sections to … Continue Reading

Council of the EU and Parliament reach provisional agreement on instant payments

On 11 November 2023, the Council of the EU announced that it had reached a provisional political agreement with the European Parliament on the instant payments proposal, which will improve the availability of instant payment options in euro to consumers and businesses in the EU and EEA countries. The initiative comes in the context of … Continue Reading

FCA publishes findings from multi-firm review on anti-fraud controls and complaint handling in firms (with a focus on APP fraud)

On 7 November 2023, the FCA published the findings from its multi-firm review on anti-fraud controls and complaint handling in firms, with a focus on authorised push payment (APP) fraud. The multi-firm review highlighted the following key findings: The FCA is already working with firms in its review to strengthen their approach. The FCA expects … Continue Reading

BoE publishes speech: Money and Payment – a ‘black ships’ moment?

On 27 October 2023, the Bank of England (BoE) published a speech by Jon Cunliffe, Deputy Governor for Financial Stability, delivered at the Economic of Payments XII Conference at the Federal Reserve Board. The speech is entitled, ‘Money and Payment – a ‘black ships’ moment?’. In his speech, Mr Cunliffe makes the following remarks:… Continue Reading

PSR updates penalty statement

On 12 October 2023, the Payment Systems Regulator (PSR) published an updated penalty statement. The updated penalty statement will help firms more easily understand how the PSR determines whether to impose a financial penalty and its amount. In March, the PSR consulted on the following changes to its penalty statement to: After considering all feedback … Continue Reading

FSB annual progress report on meeting the targets for cross-border payments

On 9 October 2023, the Financial Stability Board (FSB) published its inaugural annual report on key performance indicators (KPIs) for meeting the targets for cross-border payments and a consolidated report on progress under the FSB’s Roadmap for enhancing cross-border payments. The Roadmap was endorsed by the G20 in 2020 and provides a high-level plan designed … Continue Reading

HM Treasury Policy Statement ‘Payment service contract termination rule changes: Implementation, timings and next steps’

On 2 October 2023, HM Treasury published a Policy Statement ‘Payment service contract termination rule changes: Implementation, timings and next steps’. On 21 July 2023, the Treasury published a Policy Statement on payment service contract termination rules and freedom of expression, setting out the government’s plans to enhance requirements relating to the process and conduct … Continue Reading

FSB report on stocktake of international data standards relevant to cross-border payments

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

FCA publishes initial findings on bank account access and closures

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

HM Treasury publishes response to consultation on payments regulation and the systemic perimeter

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

PSR consults on legal instruments for APP scam reimbursement requirement policy

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

Commission report on the application of the Payment Accounts Directive

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
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