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Payment Systems Financial Conduct Authority (FCA)

A&O Shearman

FCA Publishes Changes to the Safeguarding Regime for Payments and E-money Firms

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The FCA published a policy statement (PS25/12) setting out changes to the safeguarding regime for payments and e-money firms. The FCA consulted on the proposals in CP24/20 in September 2024. The changes to the rules are in...more

Orrick, Herrington & Sutcliffe LLP

UK Financial Conduct Authority issues feedback on the new standard-setting body for open banking

On August 8, the Financial Conduct Authority (FCA) published feedback on the creation of the primary regulator for open banking, the “Future Entity.” The Future Entity will establish and oversee core standards, including API...more

A&O Shearman

UK FCA consults on BNPL rules for 15 July 2026

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The UK Financial Conduct Authority (FCA) has published consultation paper CP25/23, alongside a press release and new webpage, setting out its proposed rules for regulating Deferred Payment Credit (DPC), commonly known as Buy...more

A&O Shearman

PSR publishes regulatory fees figures for 2025/26

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The UK Payment Systems Regulator (PSR), in conjunction with the UK Financial Conduct Authority (FCA), has published its regulatory fees figures for 2025/26. The annual funding requirement is set at GBP27 million, with fees...more

A&O Shearman

The continuing journey towards buy now, pay later regulation

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One could be forgiven, amidst the noise and glamour of the Leeds Reforms and the Mansion House speech, for having missed the snappily titled Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment)...more

Hogan Lovells

Payments and e-money: UK FCA emphasises importance of proportionate risk frameworks to firms’ sustainable growth

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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

A&O Shearman

FCA findings on risk and wind-down planning in payment and e-money firms

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The UK Financial Conduct Authority (FCA) has published the findings of its multi-firm review into risk management and wind-down planning across e-money and payment firms. While the FCA had observed examples of good practice...more

A&O Shearman

UK regulators publish updated MoU on payment systems

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The UK Financial Conduct Authority (FCA), Bank of England, Payment Systems Regulator (PSR) and Prudential Regulation Authority have issued a joint statement announcing their revised memorandum of understanding (MoU) on the...more

A&O Shearman

HMT updates BNPL policy for domestic premises suppliers

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HM Treasury has published a policy paper setting out an update to its final position to its 2024 consultation on regulating Buy-Now, Pay-Later (BNPL) products which led to the laying of the draft secondary legislation, The...more

Ropes & Gray LLP

FCA Extends Investment Research Payment Optionality to Fund Managers

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Last month the Financial Conduct Authority (FCA) set out its final rules related to the application of investment research payment optionality to fund managers. This move follows its consultation paper late last year which...more

A&O Shearman

UK Government advances BNPL Regulation

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HM Treasury (HMT) has published a response to its 2024 consultation on regulating Buy-Now, Pay-Later (BNPL) products and laid the draft secondary legislation (Financial Services and Markets Act 2000 (Regulated Activities etc)...more

A&O Shearman

PSR update on impact of APP fraud reimbursement scheme

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The UK Payment Systems Regulator (PSR) has published an update on what it has seen since the implementation of its authorised push payment (APP) fraud reimbursement scheme in October 2024. The data covers UK payments made via...more

Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, May 2025

Hogan Lovells on

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

A&O Shearman

FCA policy statement on investment research payment optionality for fund managers

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The UK Financial Conduct Authority (FCA) has published a final policy statement (PS25/4), together with an updated webpage and press release, on final rules extending the new payment optionality for investment research to...more

A&O Shearman

BoE speech on the digitalisation of money and assets: proposed stablecoin regulatory framework

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The Bank of England (BoE) has published a speech by Sarah Breeden, Deputy Governor for Financial Stability, at the Point Zero Forum. The subject of the speech was the digitalisation of money and assets, and in particular the...more

Hogan Lovells

UK: A new litigation risk for PSPs? Quincecare claim brought by derivative action is successful

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Ever since the Supreme Court held, in Philipp v Barclays Bank plc1(Philipp), that claims based on the Quincecare duty against the payment services provider (PSP) which paid the funds away were not open to victims of...more

Hogan Lovells

UK payment services: final rules limiting rights for PSPs to exit customer relationships laid before Parliament

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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

A&O Shearman

FCA findings on international payment pricing transparency

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The UK Financial Conduct Authority (FCA) has published examples of good and poor practices following its review into international payment pricing transparency. Under the consumer duty, in line with the FCA's Handbook (PRIN...more

A&O Shearman

PSR annual plan and budget

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The UK Payment Systems Regulator (PSR) has published its annual plan and budget for 2025/26. The foreword by Aidene Walsh, Chair of the PSR, references the government's announcement to incorporate the PSR into the FCA and...more

Hogan Lovells

Consumer Duty: UK FCA raises the bar for international payment pricing transparency

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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

A&O Shearman

UK 2025 Regulatory Initiatives Grid published

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The Financial Services Regulatory Initiatives Forum (the Forum) has published the Regulatory Initiatives Forum Grid (the Grid), with the UK Financial Conduct Authority (FCA) also updating its webpage. The previous Grid was...more

A&O Shearman

New FCA work programme for 2025/26

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The UK Financial Conduct Authority (FCA) has published its work programme for 2025/26, alongside a press release summarising its approach to supporting the testing of innovative products and new firms. The work programme sets...more

A&O Shearman

BoE response to discussion paper on reviewing access to RTGS accounts for settlement

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On 8 April, the Bank of England (BoE) has published its response to the discussion paper on reviewing access to Real-Time Gross Settlement (RTGS) accounts for settlement. In the discussion paper, initially published on 8...more

A&O Shearman

Financial Crime: The FCA’s Strategy for 2025 – 2030

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In its strategy for the next five years, financial crime remains a priority for the UK Financial Conduct Authority (FCA). While the FCA acknowledges the significant efforts firms invest in their anti-financial crime systems,...more

A&O Shearman

Bank of England discusses opportunities in innovating wholesale payments

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Victoria Cleland, Executive Director of Payments, Bank of England (BoE) has given a speech on innovating wholesale payments: building a resilient and innovative future. In the speech, Ms Cleland discusses the BoE's innovation...more

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