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
As with the European Parliament’s April 2024 adopted texts, the Council of the EU’s proposed amendments to the European Commission’s June 2023 legislative proposals touch on some significant areas of interest for payment...more
Numerous jurisdictions across the globe are developing their own cryptoasset regulatory frameworks—the UK is no exception. Cryptoasset businesses overseas looking to enter the UK market, or to offer services to customers in...more
As the evolution of payments continues at a rapid pace it is important that industry participants are up to date on the regulatory developments supporting and guiding these developments. This publication outlines the key...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
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
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
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
It will come as no surprise that the two major regulatory developments we expect to dominate this year with gathering pace are the forthcoming consumer duty and ESG. Both have been a long time coming – indeed the FCA has been...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
The UK Government’s proposed amendments to the Financial Services Bill are the first step towards the regulation of buy-now-pay-later products. The amendments do not yet bring about regulation but will enable HM Treasury to...more
To ensure the financial system continues to work effectively if there is a "hard Brexit" HM Treasury has been finalising a series of statutory instruments which will ensure there is a workable legal framework for retail...more
12/14/2018
/ Consumer Credit Protection ,
Consumer Financial Products ,
Consumer Lenders ,
E-Commerce ,
EU ,
Financial Services Industry ,
HM Treasury ,
Member State ,
Money Laundering ,
Passporting ,
Payment Systems ,
SEPA ,
UK ,
UK Brexit ,
Wire Transfers
6 November 2018 By Charles Elliott In the midst of the raft of Brexit related statutory instruments being published by the government in recent weeks, HM Treasury has published a draft version of the Payment Accounts...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