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
On 30 October 2023, the UK government published an update on its legislative approach for regulating fiat-backed stablecoins, following on from its consultation on the UK regulatory approach to cryptoassets and stablecoins in...more
Key developments of interest over the last month include: the FCA publishing key findings from its multi-firm review of payment account providers’ systems and controls against money mule activity; ESMA clarifying the timeline...more
The EU has adopted the final text of a Directive concerning financial services contracts concluded at a distance which repeals the current Distance Marketing of Financial Services Directive and transfers the consumer...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
Open Banking Limited (OBL) has published two data collection frameworks for approval by the Joint Regulatory Oversight Committee (JROC), one for API availability and performance (under the theme ‘Levelling up availability and...more
The EU has adopted the final text of the Directive on consumer credits to revise and replace the Consumer Credit Directive (2008/48/EC) (CCD II). The next step will be publication in the Official Journal of the EU and then...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
The European Commission has just published its current thinking on green mergers. Recognizing that competition law must play its part in achieving the European Green Deal, the Commission sets the scene and explains how its...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
Key developments of interest over the last month include: Germany’s Ministry of Finance asking industry groups for feedback on the EU PSD3/PSR legislative proposals; the UK Payment Systems Regulator consulting on the consumer...more
The Payment Systems Regulator (PSR) has published two consultations on the new mandatory reimbursement requirement for authorised push payment (APP) fraud victims. The first sets out a draft policy document and guidance for...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
Key developments of interest over the last month include: the European Commission’s publication of legislative proposals including for PSD3, a Payment Services Regulation and a digital euro; the UK Chancellor of the Exchequer...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
In his Mansion House speech on 10 July 2023, the Chancellor of the Exchequer Jeremy Hunt referred to further planned reforms - the ‘Mansion House reforms’ - that build on December 2022’s Edinburgh Reforms. This is all part of...more
Following Royal Assent for the Financial Services and Markets Act 2023, the Payment Systems Regulator (PSR) has wasted little time in launching a consultation on the three legal instruments that will implement its policy on...more
HM Treasury has published its response to the first-stage consultation on the strategic approach to reforming the Consumer Credit Act 1974 (CCA), described in the response as ‘an ambitious overhaul’ of the regime. The...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 part of the European Commission’s 2020 Retail Payments Strategy and following its 2022 review of PSD2 and related consultations, it has published legislative proposals to improve the functioning of PSD2. The first is for a...more
Following its 2022 assessment of money laundering (ML) and terrorist financing (TF) risks in the EU payment institutions (PIs) sector, the European Banking Authority (EBA) has published a report on its findings. Among other...more
Key developments of interest over the last two months include: the UK PSR publishing a policy statement on its new reimbursement requirement to fight APP fraud; the Australian government confirming its strategic plan for the...more
The Payment Systems Regulator (PSR) has published a policy statement on its new reimbursement requirement to fight authorised push payment (APP) fraud. Subject to a few exceptions (eg removal of the minimum threshold for...more
Following the publication in April of its recommendations for the next phase of Open Banking in the UK, the Joint Regulatory Oversight Committee (JROC) has now set out an ‘ambitious programme of work’ to take those...more