Key developments of interest over the last month include: UK Payment Systems Regulator announces two market reviews on card fees; Reserve Bank of India publishes Payments Vision 2025; and U.S. Department of Commerce solicits...more
6/30/2022
/ Central Bank Digital Currency (CBDCs) ,
Digital Assets ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Interchange Fees ,
Payment Systems ,
Popular ,
Public Comment ,
U.S. Commerce Department ,
UK ,
UK Payment Systems Regulator
Hot on the heels of the government's commitment to reform the Consumer Credit Act 1974, HM Treasury has published the response to its October 2021 consultation on the scope and form of a new regulatory regime for Buy-Now...more
Almost 50 years after its entry into force, HM Treasury has announced a commitment to reform the Consumer Credit Act 1974 (CCA) with a plan to consult on the direction of reform by the end of this year. The reforms will build...more
Key developments of interest over the last month include: HM Treasury announces package of crypto measures including next steps on UK regulatory approach to cryptoassets, stablecoins and DLT in financial markets; Philippines...more
4/28/2022
/ Cryptoassets ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
European Commission ,
Financial Conduct Authority (FCA) ,
FinTech ,
HM Treasury ,
Popular ,
Stablecoins ,
UK ,
UK Competition and Markets Authority (CMA) ,
UK Payment Systems Regulator
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
The PSR has published its planned remedies consultation following the final report of its card-acquiring services market review (November 2021). The remedies focus on addressing the root causes of the PSR’s finding that the...more
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: 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
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
Regulatory Developments -
United Kingdom: Kalifa Review of UK FinTech published -
On 26 February 2021, HM Treasury published the Kalifa Review of UK FinTech, identifying priority areas to support the UK’s fintech sector. The...more
3/25/2021
/ Banks ,
Competition ,
Data Protection ,
Digital Currency ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Foreign Exchanges ,
FSB ,
Mobile Payments ,
Popular ,
Regulatory Agenda ,
UK
Key developments of interest over the last month include: • United Kingdom: The Payment Systems Regulator (PSR) has published two calls for views, one of which focuses on authorised push payment (APP) scams and the other on...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
Key developments of interest over the last month include:
United Kingdom: HM Treasury is consulting on proposed insolvency changes for payment institutions and electronic money institutions, including a bespoke special...more
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:
United Kingdom: HM Treasury publishes Call for Evidence for Payments Landscape Review, seeking industry input on how payment systems could be improved. The deadline...more
8/21/2020
/ Call for Evidence ,
Canada ,
Data Protection ,
EU ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
HM Treasury ,
Payment Systems ,
Popular ,
PSD2 ,
Regulatory Agenda ,
Regulatory Requirements ,
UK
Key developments of interest over the last month include:
Spain: The Spanish Council of Ministers has approved a draft Bill for the Digital Transformation of the Financial System, which will create a Spanish regulatory...more
3/20/2020
/ AML/CFT ,
Cryptocurrency ,
Digital Currency ,
EU ,
FATF ,
Federal Budget ,
Financial Services Industry ,
FinTech ,
Payment Systems ,
Regulatory Requirements ,
Sandbox ,
SEPA ,
UK ,
UK Brexit ,
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
As a global insurance industry team, we aim to follow industry trends and developments as closely as possible in order to deliver well informed perspectives and thought leadership to our clients and contacts.
In the newly...more
5/22/2019
/ Artificial Intelligence ,
Business Transfer Agreements ,
China ,
Climate Change ,
Data Protection ,
General Data Protection Regulation (GDPR) ,
Health Insurance ,
Insurance Regulations ,
Reinsurance ,
Solvency II ,
Sustainable Business Practices ,
UK ,
UK Brexit
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
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
With about one year to go until the European Banking Authority's Regulatory Technical Standards come into force, join us for a live webinar on 20 September to discuss the opportunities and challenges facing banks and...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