The FCA has just published its Strategy for the next three years, together with its 2022/23 Business Plan. In a continuation of the drive for the FCA to become more innovative, assertive and adaptive, both publications...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. On 9 March 2022, President Biden signed...more
3/31/2022
/ Bank of England ,
Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
EU ,
European Banking Authority (EBA) ,
Executive Orders ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
HM Treasury ,
Monetary Authority of Singapore ,
PSD2 ,
Securities and Exchange Commission (SEC)
Following on from the consultation paper issued in January 2021, the FCA has now published a Policy Statement setting out the amendments which will be made to the SCA-RTS and to the guidance in the Payment Services and...more
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)
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
The FCA first published a discussion paper on a duty of care in July 2018 – nearly two years on it is now consulting on introducing a new Consumer Duty. There is now to be a clear timeline for the introduction of the changes,...more
The Woolard Review team has acted swiftly in publishing their recommendations to the FCA, publishing their findings just over two months after the initial Call for Input closed. The Review contains a number of recommendations...more
2/3/2021
/ Borrowers ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
Credit ,
Credit Unions ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Forbearance Agreements ,
Infectious Diseases ,
Lenders ,
UK ,
Unsecured Debt
Barely a month since the end of the post-Brexit transition period, the FCA is consulting on changes to the onshored SCA-RTS and to the guidance in its Payment Services and E-Money Approach Document (and PERG). ...more
Europe: European Commission communication on EU Retail Payments Strategy -
On 24 September 2020 the European Commission published a communication setting out an EU Retail Payments Strategy identifying key priorities and...more
10/29/2020
/ Cross-Border Transactions ,
Digital Currency ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
MasterCard ,
Payment Systems ,
Popular ,
PSD2 ,
Regulatory Agenda
Key developments of interest over the last month include:
United Kingdom: The Payment Systems Regulator has published its interim report on its market review into the supply of card-acquiring services.
...more
9/25/2020
/ AML/CFT ,
Coronavirus/COVID-19 ,
Digital Assets ,
FATF ,
Financial Conduct Authority (FCA) ,
FinTech ,
Infectious Diseases ,
Infrastructure ,
Payment Systems ,
Payment Systems Regulator (PSR) ,
Popular ,
Regulatory Agenda ,
UK
Key developments of interest over the last month include:
Australia: Open banking launches with the initiation of the Consumer Data Right. Customers of Australia's four major banks can choose to share certain types of data...more
In this Newsletter: For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page. On 3 April 2020 the European Commission issued a public consultation to help inform a retail...more
4/22/2020
/ Bank Service Providers ,
Business Plans ,
Coronavirus/COVID-19 ,
Cross-Border Transactions ,
Financial Conduct Authority (FCA) ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
FSB ,
Payment Systems ,
PSD2 ,
Retail Market ,
UK Payment Systems Regulator
The FCA has published a consultation on proposed non-Handbook guidance for firms on the fair treatment of vulnerable customers. The FCA reiterates that vulnerability is one of its key priorities and makes it clear that the...more
The FCA held a workshop last week on Customers in Vulnerable Circumstances which focused on its approach to ensuring inclusive and fair treatment of vulnerable consumers in the financial services industry....more
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