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
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
December 20, 2024- The Bank of England, the Financial Conduct Authority, the Prudential Regulation Authority and the Payment Systems Regulator have a Memorandum of Understanding (MoU) which sets out the high-level...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
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
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
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
HM Treasury has published the Future of Payments Review report, setting out the Review's recommendations for HM Treasury, the regulators and industry that aim to improve the U.K.'s existing payments landscape for consumers....more
The UK is widely regarded as a global leader in Open Banking, and regulators and industry participants believe there is strong potential to build on that success. Regulatory efforts on that front are led by Joint Regulatory...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
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
In this Newsletter: For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page. On 3 April 2020 the European Commission issued a public consultation to help inform a retail...more
Following the enactment of the European Union (Withdrawal) Act 2018, HM Treasury has set out its approach to "onshoring" EU financial services legislation under the Act. The Bank of England, the Financial Conduct Authority...more