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
Just days before the 7 October go-live for the new Faster Payments System (FPS) and CHAPS mandatory reimbursement requirements, HM Treasury (HMT) has published its awaited final draft outbound payments delay legislation. PSPs...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
Key developments of interest over the last month include: the UK Payment Systems Regulator publishing a policy statement on directing APP scams reimbursement for CHAPS payments and final guidance on distinguishing between APP...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 Payment Systems Regulator (PSR) and the Financial Conduct Authority (FCA) have launched a joint call for information on the opportunities and risks of digital wallets for people and businesses. This comes as recent data...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The Payment Systems Regulator (PSR) is consulting on draft guidance to support payment service providers (PSPs) in their assessment of whether an APP scam claim raised by a consumer is not reimbursable under the new...more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 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
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
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
The Joint Regulatory Oversight Committee (JROC), co-chaired by the FCA and the Payment Systems Regulator (PSR) and with HM Treasury (HMT) and the Competition and Markets Authority (CMA) as the other members, has published its...more
Key developments of interest over the last month include: the UK government announcing a package of financial services regulatory reforms (the “Edinburgh Reforms”) to drive growth and competitiveness in the sector; continued...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
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 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: 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
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
Key developments of interest over the last month include: Stop Press: The international response to Russia’s invasion of Ukraine on 24 February 2022 includes a number of significant economic sanctions measures. See our latest...more
3/1/2022
/ AML/CFT ,
Bitcoin ,
Cryptocurrency ,
Digital Currency ,
E-Commerce ,
Economic Sanctions ,
European Commission ,
Financial Services Industry ,
FinTech ,
Payment Systems ,
Russia ,
UK Payment Systems Regulator ,
Ukraine
The PSR has published its planned remedies consultation following the final report of its card-acquiring services market review (November 2021). The remedies focus on addressing the root causes of the PSR’s finding that the...more
Key developments of interest over the last month include: Hong Kong: HKMA issues Discussion Paper on crypto and stablecoins Ireland: Central Bank publishes "Dear CEO" letter on supervisory expectations for payment and...more