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
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
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
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
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
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
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
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
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
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
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
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
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
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
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: HM Treasury announces package of crypto measures including next steps on UK regulatory approach to cryptoassets, stablecoins and DLT in financial markets; Philippines...more
4/28/2022
/ Cryptoassets ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
European Commission ,
Financial Conduct Authority (FCA) ,
FinTech ,
HM Treasury ,
Popular ,
Stablecoins ,
UK ,
UK Competition and Markets Authority (CMA) ,
UK Payment Systems Regulator
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
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