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
On 21 October 2024, the Committee on Payments and Market Infrastructure (CPMI) issued a report on tokenisation.
The purpose of this report is to describe ways that tokenisation may affect the functioning of regulated financial markets. It critically analyses opportunities, challenges and risks, and identifies the most relevant implications for central banks and
On 21 October 2024, the Financial Stability Board (FSB) issued the following reports detailing work to enhance cross-border payments:
On 21 October 2024, the Payment Systems Regulator (PSR) issued a press release stating that it was looking to hear from businesses about how its card acquiring remedies were impacting them.
In particular the PSR is looking at:
In the summer of 2023, the European Commission issued a payment services legislative package which amends the existing Payment Services Directive 2 (PSD2). A new Directive, PSD3, was proposed together with a Regulation, the Payment Services Regulation (PSR). In addition, a further Regulation was proposed, a Regulation on a Framework for
On 9 October 2024, there was published on legislation.gov.uk, The Payment Services (Amendment) Regulations 2024 together with an explanatory memorandum.
The Regulations come into force on 30 October 2024.
The Regulations introduce the ability for payment service providers to slow down the sending of an in-scope payment where the payer’s payment service provider has
On 8 October 2024, the Financial Conduct Authority (FCA) published two Dear CEO letters, sent to banks and building societies and to payment and e-money institutions, in which it sets out its expectations on authorised push payments (APP) fraud reimbursement. The Payment Systems Regulator’s (PSR) reimbursement requirement for
On 23 September 2023, the Payment Services Regulator (PSR) published Policy Statement 24/6: Supporting the identification of APP scams and civil disputes (PS24/6).
In PS24/6 the PSR provides feedback to its earlier consultation on proposed guidance to help payment service providers (PSPs) distinguish between an authorised push payment (