On 28 March 2024, the Bank of England (BoE) published a statement following the latest review of the joint-authority Memorandum of Understanding (MoU) between itself and the FCA, PRA and the Payment Systems Regulator. The statement provides that overall the Authorities consider that co-operation between themselves is working well. The Authorities have also identified areas … Continue Reading
On 5 March 2024, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a: ECON voted to adopt the draft reports in February 2024. The European Parliament is expected to vote on both texts during the first plenary session in April, to be held on 10 and 11 April 2024. This will close the … Continue Reading
On 26 February 2024, the Council of the EU issued a press release stating that it had adopted a proposed Regulation which will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries. The proposed Regulation amends Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directives 98/26/EC … Continue Reading
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
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
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
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
On 7 December 2023, the Payment Systems Regulator (PSR) published Cycle 2 of authorised push payment (APP) fraud data reporting for payment services providers (PSPs). Specific Direction 18 was issued on 23 March 2023, to 14 directed participants. It sets out the legal requirements for reporting APP scams data to the PSR. The PSR … Continue Reading
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
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
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
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
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
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
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
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
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
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
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
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
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 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