The Chancellor of the Exchequer has delivered her second Mansion House speech and announced the “Leeds Reforms” in conjunction with publication of the awaited Financial Services Growth and Competitiveness Strategy and related...more
Outcomes testing and monitoring under the Consumer Duty, and senior management engagement with these areas, remain key focus areas for the FCA. Whilst the review in question focuses specifically on the treatment of customers...more
Following feedback to its July 2024 Call for Input (CfI) on placing greater reliance on the Consumer Duty instead of specific rules and guidance, the FCA won’t be carrying out a wholesale Handbook review. It has instead...more
Key developments of interest over the last month include: the U.S. Consumer Financial Protection Bureau publishing a final rule on federal supervision of Big Tech and other widely used digital payment apps; the UK FCA...more
Key developments of interest over the last month include: the UK Chancellor of the Exchequer makes her first Mansion House speech and HM Treasury publishes the National Payments Vision, indicating a focus on economic growth...more
The FCA believes that there is a continuing problem with poor safeguarding practices across the industry due to poor implementation of the current regulatory framework under the Payment Services Regulations 2017 (PSRs) and...more
Key developments of interest over the last month include: the UK FCA publishing a consultation on two-stage reforms to the payments and e-money safeguarding regime; the U.S. Consumer Financial Protection Bureau announcing a...more
Given the sea change of payment services directive 2015/2366 (“PSD2”), one might expect the prospect of the proposed PSD3 and PSR to have psps groaning at the thought of yet more root and branch reg change projects. However,...more
Key developments of interest over the last month include: the UK Payment Systems Regulator publishing a policy statement on directing APP scams reimbursement for CHAPS payments and final guidance on distinguishing between APP...more
The FCA has published a report setting out its findings from follow-up work on payment account access and closures, together with the results of independent research on the experiences some of the most financially excluded...more
The Payment Systems Regulator (PSR) and the Financial Conduct Authority (FCA) have launched a joint call for information on the opportunities and risks of digital wallets for people and businesses. This comes as recent data...more
The Prudential Regulation Authority (PRA) has published a policy statement (PS15/23) on scope, criteria, liquidity, reporting and disclosure requirements under the Strong and Simple framework. This is a set of prudential...more
Following Royal Assent for the Financial Services and Markets Act 2023, the Payment Systems Regulator (PSR) has wasted little time in launching a consultation on the three legal instruments that will implement its policy on...more
The outlook for 2023 looks uncertain, following another tumultuous year. The collapse of a number of large cryptocurrency exchanges has shone another spotlight on the digital asset market. The financial system’s resilience...more
At our recent global conference we held in partnership with Global Digital Finance, our keynote speaker suggested that the three major drivers for financial institution regulators and policy makers for the next few years...more
HM Treasury's draft Brexit Regulations for UK payment services and e-money activity aim to soften the practical impact of the EEA suddenly becoming, to all intents and purposes, a third country regulatory regime overnight. ...more