On 19 February 2025, the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) published a feedback statement, FS25/1, on big tech and digital wallets.
Background
The FCA and PSR published a call for information in July 2024 on the benefits and risks that digital wallets bring to people
On 19 February 2025, HM Treasury (HMT), the Financial Conduct Authority (FCA) and the Bank of England (BoE) confirmed that they support the industry recommendation to move to T+1 settlement in UK markets by 11 October 2027, as set out in the Accelerated Settlement Taskforce Technical Group’s report published
On 6 February 2025, HM Treasury published an implementation plan for the UK’s transition from T+2 to T+1 securities settlement, produced by the Accelerated Settlement Taskforce (AST) Technical Group.
Background
The AST was created to explore the potential for faster settlement of securities trades in the UK. It published its report in
On 6 February 2025, there was published in the Official Journal of the EU, Decision (EU) 2025/222 of the European Central Bank of 27 January 2025 on access by non-bank payment service providers to Eurosystem central bank operated payment systems and central bank accounts. The Decision seeks to enhance the efficiency and smooth functioning of
On 4 February 2025, the Payment Systems Regulator (PSR) published a policy statement on its new compliance monitoring framework, setting out how it will monitor compliance and identify non-compliance.
Background
In a thought piece accompanying the policy statement, the PSR flags that it has been busy in recent years with several important new
On 3 February 2025, the Financial Conduct Authority (FCA) published a portfolio letter to payments firms, setting out its priorities for supervision and its expectations of those firms.
The letter applies to firms authorised or registered under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, such as payment institutions
On 31 January 2025, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2025/212 of 13 September 2024 correcting Commission Delegated Regulation (EU) 2017/2055 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for the cooperation and exchange
On 30 January 2025, the Payment Systems Regulator (PSR) issued a statement of policy which explains its approach to cost benefit analysis (CBA) and how the CBA framework helps it develop policies with a positive impact.
Background
In February 2024, in anticipation of the formation of the CBA Panel, the PSR
On 17 January 2025, the European Banking Authority (EBA) issued a press release stating that it had repealed its guidelines on major incidents reporting under the revised Payment Services Directive (PSD2) due to the application of harmonised incident reporting under the Digital Operational Resilience Act (DORA) from 17 January
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: