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
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 government is consulting on proposed draft legislation that will bring BNPL within the FCA’s regulatory perimeter. Whilst a proportionate approach may be evident in the tailoring of pre-contractual information...more
The FCA has published its findings from its review of the Consumer Duty implementation plans of around 60 of the largest retail financial services firms who have fixed FCA supervisory teams. It highlights effective...more
Key developments of interest over the last month include: the UK Treasury publishing a review and call for evidence on the Payment Services Regulations 2017 and a post-implementation review of the Payment Card Interchange Fee...more
HM Treasury has published a review and call for evidence on the Payment Services Regulations 2017, as well as the outcome of a post-implementation review of the Payment Card Interchange Fee Regulations 2015. Both...more
Key developments of interest over the last month include: the UK government announcing a package of financial services regulatory reforms (the “Edinburgh Reforms”) to drive growth and competitiveness in the sector; continued...more
Following a government announcement in June this year of a commitment to 'ambitious long-term reform' to create a consumer credit regulatory regime that fosters innovation but also maintains high levels of consumer...more
As part of the Edinburgh Reforms announced by the UK Chancellor of the Exchequer on 9 December 2022, HM Treasury is consulting on the customer information requirements in the Payment Accounts Regulations 2015 (PARs) which...more
Key developments of interest over the last month include: discussions over tightening crypto regulation in Europe and Asia; digital currency pilots in India and the U.S.; and UK Payment Systems Regulator looking into card...more
Key developments of interest over the last month include: the UK Payment Systems Regulator’s proposals on mandatory reimbursement for APP fraud; the Central Bank of Ireland’s announcement of a review of the Consumer...more
11/3/2022
/ Australia ,
Bank of England ,
Cryptocurrency ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Global Dealmaking ,
Global Market ,
Payment Systems ,
UK ,
UK Payment Systems Regulator
Following a previous consultation in November 2021 on a package of measures to combat authorised push payment (APP) scams, the Payment Systems Regulator (PSR) is now consulting on specific proposals on mandatory reimbursement...more
Key developments of interest over the last month include plans to consider increasing regulation on crypto firms in several countries; the Bank of Thailand publishing a payment development strategy for 2022-2024; and "The...more
Key developments of interest over the last month include: UK FCA publishes final Consumer Duty rules and guidance; European Commission adopts Delegated Regulation amending RTS on SCA and CSC under PSD2; and South East Asian...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
In the context of its ongoing Borrowers in Financial Difficulty project, the FCA has published a research report that suggests there’s scope for more and better engagement by lenders with such customers. The message in the...more
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
The FCA has published a portfolio letter on its supervisory strategy that it has sent to Mainstream Consumer Credit Lenders (MCCLs). This follows on from its previous review of the MCCL portfolio, and its letter to MCCLs in...more
Key developments of interest over the last month include: Queen's Speech 2022 announces forthcoming Financial Services and Markets Bill; European Commission consultations and calls for evidence on PSD2 review and open...more
5/31/2022
/ Cryptocurrency ,
Electronic Payment Transactions ,
EU ,
European Commission ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
HM Treasury ,
Payment Services Directive ,
PSD2
The fifth edition of the Financial Services Regulatory Initiatives Grid has been published today by the Financial Services Regulatory Initiatives Forum. The initiatives in this edition include the Financial Services and...more
There has been a recent flurry of EU developments relating to a number of ongoing initiatives relevant to firms in the retail banking and payments sectors, including some movement on the European Commission's review of PSD2...more
Key developments of interest over the last month include: Hong Kong: HKMA issues Discussion Paper on crypto and stablecoins Ireland: Central Bank publishes "Dear CEO" letter on supervisory expectations for payment and...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
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