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Payment Systems Financial Conduct Authority (FCA) Financial Services Industry

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

A&O Shearman

PSR publishes regulatory fees figures for 2025/26

A&O Shearman on

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

A&O Shearman on

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

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

Hogan Lovells

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

Hogan Lovells on

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

UK Treasury policy paper on new approach to ensure regulators and regulation support growth

A&O Shearman on

HM Treasury has published a policy paper setting out the next steps to its approach on regulation and regulators. The three overarching actions are: (i) tackling complexity and the burden of regulation; (ii) reducing...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Government Abolishes Payment Systems Regulator

On 11 March 2025, the UK government announced its decision to abolish the Payment Systems Regulator (PSR) as part of a broader initiative to reduce regulatory burdens and stimulate economic growth. This action is intended to...more

A&O Shearman

UK Payment Systems Regulator to be abolished - what's next?

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The UK Government has announced the abolition of the Payment Systems Regulator (PSR), with a view to driving economic growth and reducing the burdens on business. The practical impact on firms is yet to be seen, and the...more

Hogan Lovells

Big Tech and digital wallets: Regulatory perimeter under review following feedback to UK FCA and PSR call for information

Hogan Lovells on

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

A&O Shearman

UK payments regulators discuss next steps for open banking

A&O Shearman on

The Financial Conduct Authority and Payment Systems Regulator have set out the next steps for open banking, focusing on variable recurring payments. In the statement the regulators explain the benefits of variable recurring...more

A&O Shearman

Regulatory monitoring: EU version Newsletter - December 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) International - FSB: Plenary December 2024 - Status: Final - The FSB has set out the outcomes of its Plenary that met on 3 and 4 December. Points of...more

Proskauer - Regulatory & Compliance

Mansion House Speech 2024 – Growth and Competitiveness

Background On 14 November 2024, the United Kingdom’s Chancellor of the Exchequer delivered a speech setting out the UK Government’s vision to grow and enhance the competitiveness of the financial services sector (the...more

A&O Shearman

UK Treasury Committee Call for Evidence on Acceptance of Cash

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The Treasury Committee has launched a call for evidence as it examines whether rules are needed to govern the acceptance of physical cash in the U.K. The Committee explains that the Bank of England has noted that the decline...more

Hogan Lovells

UK APP fraud mandatory reimbursement regime: Next steps for PSPs and overview of key publications

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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

Goodwin

A New Safeguarding Regime: Five Points for Payments and E-money Firms

Goodwin on

For any UK fintech business involved with payments of electronic money (e-money) and any (experienced) investor in these businesses, safeguarding client funds is a key regulatory issue....more

Hogan Lovells

UK Open Banking: PSR consultation response on Phase 1 expansion of Variable Recurring Payments

Hogan Lovells on

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

A&O Shearman

UK Financial Conduct Authority Consults on Changes to the Safeguarding Regime for Payments and E-Money Firms

A&O Shearman on

The U.K. Financial Conduct Authority had published a consultation on proposals to address weaknesses in the safeguarding regime for payments and e-money firms. The FCA explains that there remain poor practices across the...more

Hogan Lovells

Payments and e-money: UK FCA consults on two-stage reforms to safeguarding regime

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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

A&O Shearman

UK Financial Conduct Authority Reports on Payment Account Access and Closures

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This new report sets out four thematic findings from the follow-up work the FCA has carried out, which are as follows: The FCA summarizes its expectations of payment account providers, including in respect of the Consumer...more

Hogan Lovells

APP fraud: UK PSR consults on reducing the maximum level of reimbursement

Hogan Lovells on

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

A&O Shearman

UK Proposes Design of the Future Entity for UK Open Banking

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On April 19, 2024, the U.K.'s Joint Regulatory Oversight Committee published proposals on the design of the future entity for UK Open Banking. The JROC is composed of the Financial Conduct Authority, the Payment Systems...more

A&O Shearman

Key Regulatory Topics: Weekly Update 23-29 Feb 2024

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Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more

A&O Shearman

Key Regulatory Topics Weekly Update 16 February to 22 February 2024

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Of particular note this week in the EU, the Council adopted the legislative package to strengthen market data transparency which includes changes to the EU’s trading rules on market data, payment for order flow and commodity...more

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