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UK FCA consults on mortgage support guidance as cost of living starts to bite borrowers

With interest rates rising and inflation and energy prices at record levels, the government, major mortgage lenders and the UK FCA have agreed a range of measures that firms can use to support their existing mortgage...more

EU consumer credit legislation in the digital era: Political agreement on CCD II reached

The Council of the EU and the European Parliament have reached provisional political agreement on the proposed Directive on consumer credits to revise and replace the Consumer Credit Directive (2008/48/EC) (CCD II). The...more

Global Payments Newsletter, November 2022

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

Card fees: UK Payment Systems Regulator publishes final terms of reference for two market reviews

The UK Payment Systems Regulator (PSR) has finalised its plans for two market reviews focusing on card fees. One review will look at card scheme and processing fees, and the second at UK-EEA interchange fees. Findings from...more

Instant credit transfers in euro: European Commission publishes legislative proposal

As part of its 2020 Retail Payments Strategy, the European Commission has adopted a proposed Regulation to accelerate the rollout of instant credit transfers in euro. The proposal, which looks to support innovation and...more

Global Payments Newsletter, October 2022

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

Big Tech and retail financial services: FCA starts discussion on competition benefits and risks

The FCA has published a discussion paper on the potential competition impacts of Big Tech entry and expansion in retail financial services. The particular focus is on payments, deposit taking, consumer credit and insurance....more

Card-acquiring services: PSR final decision on remedies aimed at triggering merchant engagement

The Payment Systems Regulator (PSR) has published a policy statement containing its final decision on remedies for its card-acquiring market review, with three specific directions to put them into effect. The specific...more

APP fraud: PSR proposals mean that mandatory reimbursement for scam victims is on the way

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

Global Payments Newsletter, September 2022

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

Global Payments Newsletter, August 2022

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

Appointed Representatives: FCA confirms changes to increase responsibilities of principal firms

The FCA has published a policy statement and final rules aimed at improving the appointed representatives (ARs) regime. Previous FCA data analysis had shown that there are more issues arising from principals and ARs than from...more

FCA final Consumer Duty rules and guidance published: time for firms to put the pedal to the metal

With the publication of the final rules there is now only a year to go before firms must comply with their Consumer Duty obligations. The FCA has emphasised that this must be a major cultural shift. While it’s good news that...more

Global Payments Newsletter, July 2022

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

Borrowers in financial difficulty: FCA research report highlights areas of improvement for lenders

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

Global Payments Newsletter, June 2022

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

FCA supervisory strategy for mainstream consumer credit lenders: Preparing for difficult times ahead

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

Buy-Now Pay-Later: HM Treasury sets out the government's approach to regulating the market

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

UK Consumer Credit Act 1974: Government Commits To 'Ambitious Long-Term Reform'

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

Global Payments Newsletter, May 2022

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

Financial Services Regulatory Initiatives Forum publishes fifth edition of Grid

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

Snapshot of recent EU regulatory developments relevant to retail banking and payments

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

Global Payments Newsletter, April 2022

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

FCA Strategy and latest Business Plan move to issues and outcomes, not sectors, in changing world

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

HM Treasury stablecoin regulation proposals aimed at positioning UK as global crypto hub

HMT has published its response to its January 2021 consultation and call for evidence on the UK regulatory approach to cryptoassets and stablecoins. The consultation response confirms the government’s intention to bring...more

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