News & Analysis as of

Regulatory Reform Payment Services Directive United Kingdom

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BoE publishes fundamental rules for FMIs

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Following its November 2024 consultation, the Bank of England (BoE) has published final fundamental rules for financial market infrastructure firms (FMIs), a supervisory statement setting out how the BoE expects FMI to comply...more

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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

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Mansion House: HMT policy paper on wholesale financial markets digital strategy

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HM Treasury has published a policy paper on the wholesale financial markets digital strategy. The purpose of the strategy is to ensure the UK benefits from opportunities to improve its wholesale financial markets, by using...more

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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

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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

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The Payment Services and Payment Accounts (Contract Termination) (Amendment) Regulations 2025

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The Payment Services and Payment Accounts (Contract Termination) (Amendment) Regulations 2025 (SI 2025/688) have been published, alongside an explanatory memorandum. The regulations amend regulation 51 of the Payment Services...more

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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

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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

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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

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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

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