Key developments of interest over the last month include: the UK government's communications in connection with the Chancellor's annual Mansion House speech, and the launch of its Financial Services Growth and Competitiveness...more
The FCA has recently published the results of its multi-firm review of payments and e-money firms' risk management frameworks and wind-down plans. It once again highlights the need to develop frameworks and plans in-line with...more
On 6 June 2025, the FCA announced in a press release its proposal to lift the ban on selling crypto exchange traded notes (cETNs) to retail investors. If adopted, cETNs could be made available to individuals, provided the...more
As with the European Parliament’s April 2024 adopted texts, the Council of the EU’s proposed amendments to the European Commission’s June 2023 legislative proposals touch on some significant areas of interest for payment...more
Key developments of interest over the last month include: draft legislation to regulate BNPL credit in the UK (in contrast to the de-prioritising of enforcement of BNPL regulatory breaches in the US); final confirmation of UK...more
5/22/2025
/ Buy Now Pay Later (BNPL) ,
CFTC ,
Cryptoassets ,
Digital Assets ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
HM Treasury ,
Payment Systems ,
Regulatory Oversight ,
Stablecoins ,
UK
While recent announcements have focussed on the government’s growth agenda, HM Treasury (HMT) has also now pressed ahead with publishing final draft regulations limiting the rights for banks and other payment service...more
The FCA has published the findings from its review of firms’ approach to pricing transparency when offering UK customers international money remittance and cross border payments. It highlights proactive and clear disclosure...more
Key developments of interest over the last month include: the Central Bank of Somalia announcing the launch of the Somalia Instant Payment System (SIPS), the country’s first nationwide instant payments infrastructure; the...more
4/28/2025
/ Australia ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
EU ,
Financial Regulatory Reform ,
FinTech ,
Payment Systems ,
Popular ,
Regulatory Agenda ,
UK
There are over 80 million people with disabilities in the EU. The European Accessibility Act 2019 (EAA) (Directive (EU) 2019/882) implements the UN Convention on the Rights of Persons with Disabilities (UNCRPD) and aims at...more
Potential issues identified from stakeholder feedback to the FCA and PSR call for information include insufficient competition between digital wallets and between payment systems within digital wallets. The majority of...more
Given the sea change of payment services directive 2015/2366 (“PSD2”), one might expect the prospect of the proposed PSD3 and PSR to have psps groaning at the thought of yet more root and branch reg change projects. However,...more
With the new mandatory reimbursement requirements for Faster Payments and CHAPS now in force, we provide a quick reference guide to the key publications to date. As in-scope payment service providers (PSPs) move into the...more
The Payment Systems Regulator (PSR) has published a response to its December 2023 consultation (call for views) which set out initial proposals on how the PSR could support the expansion of Variable Recurring Payments (VRPs)...more
After a short consultation period, the Payment Systems Regulator (PSR) has confirmed its decision to reduce the maximum level of reimbursement for the Faster Payments System (FPS) APP fraud mandatory reimbursement requirement...more
The FCA believes that there is a continuing problem with poor safeguarding practices across the industry due to poor implementation of the current regulatory framework under the Payment Services Regulations 2017 (PSRs) and...more
The Payment Systems Regulator (PSR) has published a policy statement and final Specific Direction to banks and other payment firms participating directly or indirectly in CHAPS (the UK’s high-value payment system) to...more
The Payment Systems Regulator (PSR) has issued its final guidance to support payment service providers (PSPs) in assessing whether an APP scam claim raised by a consumer is not reimbursable under the new Faster Payments...more
The FCA is consulting on amendments to its Payment Services and Electronic Money Approach Document to provide guidance for payment service providers (PSPs) on how to apply the proposed outbound payments delay legislation...more
Following industry feedback - in particular prudential concerns for some smaller firms in the market – and work with the FCA, the Payment Systems Regulator (PSR) is consulting on a proposal to reduce the maximum level of...more
The Payment Systems Regulator (PSR) has published a policy statement (PS24/3) on compliance and monitoring under the Faster Payments System (FPS) APP fraud mandatory reimbursement requirement. The PSR has rowed back on some...more
The Payment Systems Regulator (PSR) is consulting on draft guidance to support payment service providers (PSPs) in their assessment of whether an APP scam claim raised by a consumer is not reimbursable under the new...more
Key developments of interest over the last month include: the Bank of Italy’s communication on unauthorised payment transactions; the Reserve Bank of Australia’s announcement of an upcoming review into retail payments...more
7/17/2024
/ Blockchain ,
Buy Now Pay Later (BNPL) ,
Cryptoassets ,
Cryptocurrency ,
Decentralized Autonomous Organization (DAO) ,
Digital Assets ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Monetary Authority of Singapore ,
Payment Systems
The Payment Systems Regulator (PSR) is consulting on a proposal to direct banks and other payment firms participating directly or indirectly in CHAPS (the UK’s high-value payment system) to reimburse their customers who have...more
On 17 April 2024, the Payment Systems Regulator (PSR) published a consultation on the data and information that payment service providers (PSPs) will be required to provide to Pay.UK to enable it to monitor effectively...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