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Payment Systems Payment Services Directive Financial Services Industry

A&O Shearman

Mansion House: HMT and BoE announce plans for new UK retail payments model under NPV

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HM Treasury has published an update on the National Payments Vision (NPV), announcing plans to implement a new collaborative model for delivering the UK's next-generation retail payments infrastructure. The Payments Vision...more

A&O Shearman

PSR consults on the revocation of SD4

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The UK Payment Systems Regulator (PSR) has published consultation paper CP25/2 alongside a new webpage, proposing the revocation of Specific Direction 4 (SD4) and its amendment, SD4a. SD4, introduced following the PSR's 2016...more

McDermott Will & Emery

Barrierefreiheitsstärkungsgesetz (BFSG) und die betroffenen Bankdienstleistungen

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Am 28. Juni 2025 tritt das Barrierefreiheitsstärkungsgesetz (BFSG) in Kraft. Das Kernziel des BFSG ist es, allen Menschen die barrierefreie Teilhabe am Wirtschaftsleben zu ermöglichen. So ist die Teilhabe an digitalen...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

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 PSR consults on remedies following market review of card scheme and processing fees

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The UK Payment Systems Regulator (PSR) has published its consultation CP25/1 on potential remedies to address findings following the PSR's final report (published on 6 March) on its review of card schemes and processing fees....more

A&O Shearman

FSB letter to G20 finance ministers and central bank governors ahead of meeting

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The Financial Action Task Force (FATF) has published a second consultation on payment transparency, and in particular proposed revisions to recommendation 16 (R.16). The revisions adapt the FATF Standards to the changes in...more

A&O Shearman

UK payments regulators discuss next steps for open banking

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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

Financial Stability Board issues recommendations for regulating cross-border payments

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The Financial Stability Board has published two final reports on recommendations to promote greater alignment and interoperability across data frameworks related to cross-border payments, and consistency in the regulation and...more

A&O Shearman

UK Independent Review of the Payment and Electronic Money Institution Insolvency Regulations 2021

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HM Treasury has published its letter inviting Adam Plainer to lead an independent review of the Payment and Electronic Money Institution Insolvency Regulations 2021 (PESAR)...more

A&O Shearman

How to protect your customers from payment fraud: recommendations from the Polish regulator

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Payment service providers (PSPs) face a constant challenge to ensure the security of transactions carried out by their customers. The PSD2 Directive introduced standard rules and criteria for this purpose, but there is a...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

A&O Shearman

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

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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

BCLP

Unauthorised Transactions: Exclusive Application of the PSP Liability Regime

BCLP on

In a ruling dated 27 March 2024 (no. 22-21.200), the French Supreme Court (‘Cour de Cassation’) - citing European case law - held that a payment service provider can only be held liable for an unauthorised or incorrectly...more

A&O Shearman

New UK Requirements for Payment Account Contract Terminations

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HM Treasury has published a policy note and a draft statutory instrument—The Payment Services and Payment Accounts (Contract Terminations) (Amendment) Regulations 2024—on strengthening requirements in the Payment Services...more

Wilson Sonsini Goodrich & Rosati

Payments Playbook Series: The Embedded Payments Playbook

As payments innovation continues to accelerate, Wilson Sonsini is publishing a series of pragmatic playbooks to help companies navigate the legal complexities in the highly regulated payments space. In this first installment,...more

A&O Shearman

Payment Systems Regulator Publishes New Rules for Mandatory Reimbursement of Authorized Push Payment Scams

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The Payment Systems Regulator has published its Final Policy Statement on its new regime for fighting authorized push payment scams. The Financial Services and Markets Act 2023 (discussed in our client note, “A Boost for UK...more

Wilson Sonsini Goodrich & Rosati

CFPB Proposes New Examination Authority over “Larger Participants” in the Digital Wallet and Consumer Payment App Markets

In a shot across the bow to the digital payments industry, the U.S. Consumer Financial Protection Bureau (the Bureau) has issued a proposed rule to expand its oversight authority to nonbank providers of consumer payment apps....more

A&O Shearman

HM Treasury Publishes Plan for Regulation of Fiat-backed Stablecoins

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HM Treasury has published a Policy Paper on Plans for the Regulation of Fiat-backed Stablecoins, setting out the next steps for the implementation of stablecoin regulation in the U.K. Fiat-backed stablecoins are (under HM...more

A&O Shearman

Financial Stability Board Issues Recommendations for Regulating Cryptoasset Activities and Markets

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The Financial Stability Board has finalized its global regulatory framework for cryptoasset activities and markets and revised the framework for global stablecoin arrangements. Both frameworks, based on the principle of "same...more

Hogan Lovells

Evolution not revolution: European Commission publishes financial data access and payments package

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As part of the European Commission’s 2020 Retail Payments Strategy and following its 2022 review of PSD2 and related consultations, it has published legislative proposals to improve the functioning of PSD2. The first is for a...more

Hogan Lovells

UK FCA portfolio letter to payments firms: compliance with safeguarding is ‘top priority’

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The FCA has published a Portfolio letter setting out its priorities for payments and e-money firms amidst tightening economic conditions and the cost-of-living crisis. Among the three outcomes that it has set for firms in...more

Wilson Sonsini Goodrich & Rosati

UK Regulator Targets Client Money Protections in Priorities for Payments Firms

On March 16, 2023, the UK Financial Conduct Authority (the FCA) published a letter to the CEOs of UK electronic money and payment institutions (payments firms) setting out the FCA’s current priorities for the UK payments...more

Latham & Watkins LLP

E-Money, Payment Services, and Insolvency

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Consumers and service providers should take note of some of the enhanced risks upon an e-money institution’s insolvency. Technology is rapidly changing the way customers and businesses interact with financial systems....more

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