In the latest developments relating to the UK's open banking landscape, on 18 December 2023 the Payment Systems Regulator (PSR) released a consultation paper outlining plans for expanding variable recurring payments (VRP)...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 a large number of complaints from motor finance customers in relation to discretionary commission arrangements entered into before the FCA's 2021 ban was introduced, the FCA has announced that it is using its powers...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
The Financial Conduct Authority (FCA) has published a final report containing remedies for the credit information market to help deliver better lending decisions for borrowers and improve competition and innovation for market...more
On 6 November 2023, the Prudential Regulation Authority (PRA) published a Dear CEO Letter addressed to deposit-taking entities (e.g. banks) in relation to innovations in deposits, e-money and stablecoins. The Dear CEO Letter...more
As mentioned in HM Treasury’s October 2023 policy update on plans for regulating stablecoins, the Bank of England (Bank) has published a discussion paper providing more details on its proposed regulatory regime for systemic...more
Following HM Treasury’s October 2023 policy update on plans for regulating stablecoins, the Bank of England (Bank) and the Financial Conduct Authority (FCA) have published discussion papers providing more details on aspects...more
The FCA has published the key findings from its multi-firm review of payment account providers’ systems and controls against money mule activity (ie where someone is recruited by criminals to move illegally obtained money)....more
Following the publication in July 2023 of a policy statement on payment service contract termination rules and freedom of expression, HM Treasury (HMT) has now published a further statement on implementation, timings and next...more
Key developments of interest over the last month include: the UK Payment Systems Regulator consulting on a specific direction to Faster Payments participants on its new APP fraud reimbursement requirement; the U.S. Federal...more
HM Treasury has published the response to its July 2022 consultation and call for evidence on payments regulation and the systemic perimeter. HMT proposes the following next steps: extend the scope of the Bank of England’s...more
With its Consumer Duty now in force for new and existing products or services open to sale or renewal, the FCA is not letting the grass grow under its feet. It has published its expected Cash Savings Market Review report and...more
As part of a June 2023 action plan between the UK government and key regulators to ensure fair treatment of consumers and help those struggling to make payments, the FCA has agreed to focus on the savings market, with a...more
The UK government has agreed a new action plan with key regulators, including the FCA, to ensure consumers (particularly those with vulnerabilities) are being treated fairly and help those struggling to make payments. The FCA...more
As previously referred to by the FCA (for example in its 2023/24 Business Plan) and following its Borrowers in Financial Difficulty (BiFD) project findings, it has launched a consultation setting out how it plans to...more
In a speech marking less than three months until the first Consumer Duty implementation deadline, the FCA has warned that firms can expect swift action if they ignore the Duty or pose the most harm to consumers. As part of...more
The FCA’s evaluation of its 2019 personal current account (PCA) overdraft rule changes - introduced as part of its High-Cost Credit Review - paints a largely positive picture in terms of good consumer outcomes. However, the...more
With the entry into force of its new Consumer Duty now only months away, the FCA has taken the opportunity presented by its latest Business Plan to reinforce its message that it’s placing ensuring good consumer outcomes at...more
With the economic and geopolitical environment likely to remain ‘highly uncertain’, the FCA’s latest Business Plan reflects its decision to accelerate work in four areas over the next year: putting consumers’ needs first;...more
As part of the Hogan Lovells FinTech Fundamentals webinar series, on 22 March 2023 Financial Services Regulatory senior associate Jen Staniforth hosted a thought provoking panel discussion on the impact of the cost of living...more
The FCA has published a Portfolio letter setting out its priorities for payments and e-money firms amidst tightening economic conditions and the cost-of-living crisis. Among the three outcomes that it has set for firms in...more
The FCA has published its finalised guidance (FG23/2) for firms supporting their existing mortgage borrowers impacted by the rising cost of living. The FCA reiterates that the guidance clarifies the effect of its existing...more
On 3 March 2023, the FCA published its third batch of portfolio letters setting out its expectations for firms implementing the Consumer Duty. We covered the previous two sets of letters in our Engage articles of 9 and 28...more
The eagerly awaited sixth edition of the Financial Services Regulatory Initiatives Grid has been published by the Financial Services Regulatory Initiatives Forum. The delay to its publication (originally expected in November...more