Today, 6 August 2020, the Payments System Regulator (PSR) published a thought piece: Getting the right outcomes for the victims of Authorised Push Payment (APP) scams. An authorised push payment (APP) scam happens when someone is tricked into sending money to a fraudster. These crimes can have a devastating effect on those who fall victim. At the PSR, we think […]
The Emerging Payments Association (EPA), which celebrates collaboration and innovation across the emerging payments industry, has launched a review paper, ‘Avoiding a payments lockdown’, to present to the Financial Conduct Authority (FCA) and the Treasury following the shutdown of Wirecard Card Solutions Limited. The paper seeks to identify the current vulnerabilities of the business models that underpin the payments industry, highlight how […]
The Payment Systems Regulator has announced the development of its future strategy. The PSR wants to hear from you now, before it formally consults, around the end of this year, to define clear outcomes for the payments sector – to set out priorities for the regulator, and what stakeholders can expect from the regulator in the future. Set up in […]
In light of rapid technology developments, HM Treasury is leading a Payments Landscape Review. HMT’s Call for Evidence is the first stage in the review. It sets out the government’s aims for payments networks in the UK, makes a high-level assessment of how well the present system is delivering against the government’s aims and asks questions about the opportunities, gaps […]
The FCA has published draft guidance for firms setting out its expectations for banks, building societies and credit unions when they are considering closing branches or ATMs, or converting a free to use ATM to pay to use. The FCA wants to ensure that firms treat their customers fairly when closing a branch or ATM, including considering what alternatives they can provide […]
Mums unable to feed their children. Young people unable to pay rent. People unable to receive their benefits. Payments due for essential items like insurance and bills, all frozen From a post about “#FruityFrittataFreelancerFriday” to this Tweet in just over two hours, Friday was a tough day for ANNA Money and its customers: ANNA Money @ANNAMoneyUKWe are urgently recommending you […]
While the industry is grappling with the challenges arising from Covid19, the Emerging Payments Association has established a new project – Project Recovery, and from the first project meeting they have created a ‘Project Recovery Round Table Series’. Project Recovery Project Recovery provides insights, resources and thought leadership to the EPA’s 130 plus members on the implementation and adoption of short- […]
This morning, Genevieve Marjoribanks, Head of Policy at the Payment Systems Regulator delivered a speech titled ‘next steps for digital payments in the UK – innovation, inclusion, security and regulation’ at the Westminster Business eForum. A full transcript of the speech can be found at: https://www.psr.org.uk/psr-publications/speeches/Genevieve-Marjoribanks-Westminster-Business-eForum-Speech-May-2020 If you missed today’s Westminster Business Forum event Genevieve’s speech is an excellent insight into […]
In its 2020/21 Annual Plan the Payments Systems Regulator (PSR) stated that it would work alongside the FCA and Bank of England to actively feed into a Future Regulatory Framework review by providing resources, feedback and expertise. Along with the Prudential Regulation Authority (PRA), the FCA and the Bank of England, the PSR are supporting Treasury-led work looking at the […]
This morning the Payment Systems Regulator (PSR) published their annual plan and budget for 2020/21. Given that the plan was finalised before the impact of COVID19 had affected our daily lives, Chris Hemsley’s (PSR, Managing Director) ‘launch’ video explains that the PSR will need to adjust the plan to reflect the significance of the pandemic, whilst ensuring that payment systems […]
Education: the secret ‘sauce’ for the successful implementation of payments regulation It’s 1997 and Tony Blair has just been elected prime minister, Katrina and the Waves have won the Eurovision song contest and Cool Britannia is starting to swing. The new prime minster quickly set out his priorities for office and ‘education, education, education’ is placed at the very top […]
The Payment Systems Regulator (PSR) has today (5 March 2020) published revised versions of its General Directions, and Specific Direction 1. These are the ‘day one’ Directions the regulator published when it became operational in 2015. They cover communication with the PSR as well as payment systems’ access and governance arrangements. Following consultation, the PSR has updated these Directions to […]
