On 19 September 2024, the FCA published an update on its review of the cash savings market and investigation into the practices of the largest 9 firms with easy access savings accounts. With a focus on the effectiveness of...more
The Payment Systems Regulator (PSR) has published a policy statement and final Specific Direction to banks and other payment firms participating directly or indirectly in CHAPS (the UK’s high-value payment system) to...more
On 8 May 2024 the House of Commons Treasury Select Committee (TSC) published its Report on SME Finance. Recognising that SMEs are a key part of the UK’s economy, the TSC Report focusses on 5 areas which may act as barriers...more
The Bank of England has published the final versions of three Codes of Practice on wholesale cash distribution and accompanying Guidance relating to information gathering, third-party arrangements and cash centre closures and...more
From 31 July 2024, the FCA's Consumer Duty will apply to closed products and services (that is, products that were closed prior to the 31 July 2023 deadline for new and existing products or services open to sale or renewal)....more
Open Banking Limited (OBL) has published two data collection frameworks for approval by the Joint Regulatory Oversight Committee (JROC), one for API availability and performance (under the theme ‘Levelling up availability and...more
Under the new Consumer Understanding Outcome, firms in scope of the Consumer Duty must support retail customer understanding so that all communications meet the information needs of retail customers; are likely to be...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
The UK Financial Conduct Authority (FCA) has set out new proposals for the credit information market to help deliver better lending decisions for borrowers. The proposals will be of interest to firms in the consumer lending...more
This article is the second in a series on areas impacted by AI. It focuses on the upcoming implementation of a new Consumer Duty, a higher standard of behaviour for financial services firms directly or indirectly interacting...more
With the publication of the final rules there is now only a year to go before firms must comply with their Consumer Duty obligations. The FCA has emphasised that this must be a major cultural shift. While it’s good news that...more
Key developments of interest over the last month include: UK Financial Services and Markets Bill 2022-23 introduced to Parliament; US Treasury publishes framework for international engagement on digital assets; and European...more
Key developments of interest over the last month include: In this Newsletter: For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page. It is expected that the implementation...more
Key developments of interest over the last month include: Nigeria: eNaira digital currency launched United Kingdom: PSR publishes final report on card-acquiring services market review United States: Federal Reserve launches...more
11/19/2021
/ Banking Sector ,
Blockchain ,
Digital Currency ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Insolvency ,
Payment Systems ,
Payment Systems Regulator (PSR) ,
Regulatory Agenda ,
UK
Key developments of interest over the last month include: United Kingdom: HM Treasury responds to Payments Landscape Review call for evidence Hong Kong: HKMA publishes white paper exploring the idea of a CBDC Italy: Bank of...more
10/29/2021
/ AML/CFT ,
Anti-Money Laundering ,
Banking Sector ,
Cross-Border Transactions ,
Cryptocurrency ,
Cybersecurity ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
HM Treasury ,
Know Your Customers ,
Payment Systems ,
Popular
Key developments of interest over the last month include: El Salvador: Bitcoin becomes legal tender European Union: European Commission proposes Path to the Digital Decade to deliver EU's digital transformation by 2030...more
9/29/2021
/ AML/CFT ,
Bank of England ,
Banking Sector ,
Bitcoin ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
El Salvador ,
EU ,
European Commission ,
FDIC ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
FinTech ,
OCC ,
Payment Services Directive ,
Popular ,
State Administration for Market Regulation (SAMR)
Key developments of interest over the last month include:
Brazil: Central bank publishes details of push towards Phase 2 of Open Banking -
United Kingdom: PSR launches Digital Payments Initiative -
Estonia:...more
United Kingdom: Financial Services Act 2021 becomes law -
On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as...more
5/26/2021
/ Bank of England ,
Banking Sector ,
Central Bank Digital Currency (CBDCs) ,
Cryptoassets ,
Cryptocurrency ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
HM Treasury ,
Turkey ,
UK
HM Treasury has today published a consultation paper and draft Payment Services Regulations 2017 for a short 6 week consultation period ending on 16 March 2017.
The consultation paper states that the Government aims to...more