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 (
On 9 September 2024, the Financial Conduct Authority (FCA) published a Guidance Consultation, GC24/5, setting out proposed changes to its Payment Services and Electronic Money Approach Document to support new legislation to tackle authorised push payment (APP) fraud.
Background
The Payment Systems Regulator has introduced an APP fraud reimbursement requirement
On 4 September 2024, the Payment Systems Regulator (PSR) published a consultation paper, CP24/11, on Faster Payments APP scams: Changing the maximum level of reimbursement.
In CP24/11, the PSR is proposing to change the maximum level of reimbursement for the Faster Payments authorised push payment (APP) scams reimbursement requirement. The
On 4 September 2024, the Financial Conduct Authority (FCA) published a report setting out its findings from follow-up work on payment account access and closures. The report also sets out the FCA’s expectations of firms and proposed next steps.
The report follows on from the FCA’s September 2023 report on UK Payment Accounts:
On 15 August 2024, the Payment Systems Regulator (PSR) published the response to its December 2023 call for views which set out initial proposals on how to expand variable recurring payments (VRPs) into new use cases, through a Phase 1 roll-out.
The PSR sees real potential for open banking-enabled account-to-account payments