As the Payment System Regulator considers the responses to the call for views on Authorised Push Payment Scams Teresa Connors from Payment Matters considers whether the proposed measures to fight fraud might have unintended consequences. We are pleased to feature this perspective guest blog from Teresa Connors from Payment Matters. Only 45% of reported Authorised Push Payment (APP) losses are […]
The Payment Systems Regulator (PSR) have published their Annual Plan and Budget for 2021/22. The PSR state that their focus for the coming twelve months will be on work that will improve outcomes by encouraging competition and innovation where it is needed most and putting the interests of everyone who uses payment systems first. By doing this, the PSR wants to see people and […]
The PSR have today, 24 March 2021, published their aims, activities and expected costs for the year 2021/22. Hear Chris Hemsley, Managing Director at the Payment System Regulator introducing the regulators plan for the next 12 months: The PSR position the plan with the following statement: We regulate 40 billion payments worth more than £92 trillion each year. Our role […]
The Kalifa Review of UK FinTech – the Bangers ‘n’ Mash of reviews Fintech is one of the UK’s great success stories and will help us seize new opportunities around the world. Rishi Sunak, Chancellor of the Exchequer The big news of the last week is the Kalifa Review or as HMT introduce it: UK’s global fintech leadership bolstered by new […]
Test podcast of blog: PSR Consultation on delivery and regulation of the New Payments Architecture
The PSR commissioned BritainThinks, an independent research company, to conduct a two- stage programme of qualitative and quantitative research with consumers. Overall and in the context of Covid-19, the research looked to: Understand consumer awareness of payment systems Explore consumer expectations and perceptions around payments Explore consumers’ needs in relation to payments Understand any challenges consumers face around payments Identify […]
More and more of us are using digital payments to transfer funds directly from one bank account to another using interbank payment systems and particularly the Faster Payments Service (Faster Payments.) But if Faster Payments continues to grow, we need to understand whether the protections currently in place are sufficient. Faster Payments is increasingly used for a variety of purposes, […]
APP scams can cause significant harm to consumers. This work continues to be a key priority for the PSR, both in terms of prevention and getting the right outcomes for victims. APP scams, when fraudsters trick people into transferring money to them by posing as a legitimate payee or constructing fraudulent reasons for a payment, are a significant and growing […]
Interest-free buy-now-pay-later credit agreements will be regulated by the Financial Conduct Authority (FCA) in order to protect consumers under plans announced by the government Interest-free buy-now-pay-later agreements will be regulated by the Financial Conduct Authority Government acts swiftly to protect consumers after review finds potential for harm Lenders will be required to carry out affordability checks on customers and ensure […]
The PSR are conducting a second annual review of Specific Direction 8 (SD8), which is designed to make sure LINK does all it can to fulfil its public commitments to maintain the broad geographic spread of free-to-use ATMs. The PSR would like to hear your views on how well SD8 is working in practice. The PSR issued SD8 to LINK in […]
In 2020 Genevieve Marjoribanks, Head of Policy at the PSR published two pieces that focused on improving outcomes for victims of APP scams, and referred to a new piece of work that would look at what protections are available in interbank payments. The PSR have published a thought piece by Genevieve Marjoribanks, Head of Policy at the PSR…….. APP scams Protecting people from […]
We’ve all been given the rule book, we have all been told that everyone is due on the field but none of us have played this before With just days to go before the 31 December 2020 deadline for Strong Customer Authentication (SCA) implementation in Europe, it’s worth taking a look at at the industry’s position within the rollout of this […]
This article was written for Northey Point by Jonathan Gilmour (Partner at Travers Smith) along with Natalie Lewis (Senior Counsel) and Vanessa Kalijnikoff Battaglia (Senior Counsel) and originally featured in our Payments, Payments, Payments newsletter – read, subscribe and share. There is no doubt that innovation and technological development in the payments space is a hot topic. It is a topic which has been driven to […]
The Payment Systems Regulator (PSR) has today announced the appointment of Dr Ruth Wandhöfer as Chair of the PSR Panel from 1 December 2020. Ruth succeeds Stephen Locke, Independent Adviser. The Panel performs an important role in our accountability framework ensuring that the views and needs of businesses which provide payments and the people and businesses who use them are […]
This week’s “Payments, Payments, Payments” newsletter’s Longer Read explored the purpose, role and activities of the payments regulator – The Payment Systems Regulator The call for a regulator to oversee the payment systems industry began with a series of reviews, starting with the Cruikshank Report in 2000. This was followed by a number of subsequent government-led reviews, reports and consultations. […]
The Emerging Payments Association (EPA) has published a paper containing the community’s responses to HM Treasury’s Payments Landscape Review: Call for Evidence. The paper details recommendations on how to ensure the UK’s payments industry becomes progressive, world-leading and secure, and effective at serving the needs of everyone who pays and gets paid. The paper describes some of the opportunities and challenges facing […]
