The FCA has published its final rules and guidance aimed at strengthening protections for borrowers in financial difficulty, incorporating aspects of the Tailored Support Guidance (TSG) introduced during the COVID-19 pandemic...more
On 20 February 2024, the FCA published details of recent good practice in Consumer Duty implementation and highlighted areas for improvement. As well as this, the FCA also published the results of a second survey of firms on...more
On 19 March 2024, the FCA published its Business Plan for 2024/25 setting out its planned programme of work for the coming year. The FCA states that it remains resolute in supporting the vital role the financial sector plays...more
Key developments of interest over the last month include: the UK government publishing draft legislation on payment service contract termination rule changes; the Central Bank of Ireland providing insights into its regulatory...more
The Central Bank of Ireland (CBI) is consulting on changes to the Consumer Protection Code 2012 (Code). The proposals look to support effective consumer protection and reflect the changes taking place in financial services by...more
In July 2023, the UK government committed to changing the requirements on payment service providers (PSPs) when terminating payment service contracts. HM Treasury has now published draft regulations amending the Payment...more
In its 2023 Fraud Strategy, the UK government committed to looking at changes to allow payment service providers (PSPs) more time to investigate suspicious payments to help tackle authorised push payment (APP) fraud. HM...more
Key developments of interest over the last month include: the European Parliament’s ECON Committee adopting draft reports on the European Commission’s PSR and PSD3 legislative proposals; ESMA consulting on 'reverse...more
3/7/2024
/ Bank of England ,
Blockchain ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
ECON ,
EU ,
European Securities and Markets Authority (ESMA) ,
HM Treasury ,
Payment Systems ,
Popular ,
UK ,
Virtual Currency
A recent Court of Justice of the European Union (ECJ) judgment has considered where the boundary lies between regulated payment services and e-money issuance. Read on for a more detailed look at the reasoning of the ECJ in...more
On 14 February 2024, the European Parliament announced that its Economic and Monetary Affairs Committee (ECON) had adopted draft reports on the European Commission's legislative proposals for a Directive on payment services...more
On 25 January 2024, the Bank of England and the UK Government (through HM Treasury) published a response to the consultation (the “Consultation Response”) that was launched last year on a UK retail central bank digital...more
As part of measures introduced under the Financial Services and Markets Act (FSMA) 2023, the Financial Conduct Authority (FCA) and the Bank of England (BoE) have published consultations relating, respectively, to maintaining...more
Key developments of interest over the last two months include: the UK's Payment Systems Regulator (PSR) publishing the final policy statement and implementing legal instruments relating to its new mandatory reimbursement...more
On 19 December 2023, the Payment Systems Regulator (PSR) published its final policy statement on fighting authorised push payment (APP) scams alongside three legal instruments that will give effect to the new mandatory...more
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
Against the backdrop of accelerating change in the payments landscape at both a national and EU level, the Irish government has launched a public consultation on a future National Payments Strategy (NPS). The Department of...more
HM Treasury has published a report on the Future of Payments Review 2023 (the Report), which was launched as part of the Chancellor's Mansion House Reforms in July 2023. The Report aims to provide a 'high-level, strategic...more
“Super Wednesday” 28 June 2023 marked the beginning of the next phase in the evolution of EU payments regulation with the European Commission’s publication of its anticipated proposals to improve the functioning of PSD2. This...more
Key developments of interest over the last month include: IOSCO publishing its final Policy Recommendations for Crypto and Digital Asset (CDA) Markets; the UK government publishing a response to its previous consultation and...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