A ‘Big Bang’ in the City

A 'Big Bang' in the City During my five decades in payments, it is not surprising to have experienced a number of significant payment related events that happened in London’s ‘Square Mile’ - you may have already watched my ‘City Payments Trip’ video or my recollections of walking to work on the 26 April 1993. My time in... Continue Reading →

Consumer Duty: Are customers at the heart of your business? It’s your duty to prove it (and fast)

Consumer Duty: Are customers at the heart of your business? It’s your duty to prove it (and fast) https://open.spotify.com/episode/1prjgp7NQ3ijxP4cxu6hpf?si=xVnRU6AUQHeSpsQ4ycGCKA Teresa Connors from Payment Matters shares her thoughts on Consumer Duty… We’re at an inflexion point, as firms are becoming aware / coming out of denial / realising it’s not just a compliance thing and tackling the enormity of... Continue Reading →

Ask the Payment Systems Regulator – a Q&A podcast with Nick Davey

Ask the Payment Systems Regulator - a Q&A podcast with Nick Davey Nick Davey from the Payment Systems Regulator joins us for our latest Payments:Unpacked video podcast. In this podcast Nick answers questions that have been asked by readers of the Payments:Unpacked newsletter and Mike’s Linked In connections. https://youtu.be/LS4VVwIzGeo Hear Nick’s answers to: What are the biggest near-term challenges for... Continue Reading →

Bringing stablecoins into the scope of regulation

In this edition of Payments:Unpacked we take a look at the topic of stablecoins which features within the Financial Services and Markets Bill which is currently at its Second Reading in the House of Commons. This email provides all you need to know about the Government’s work to bring stablecoins, a type of cryptoasset, into the scope of regulation when used... Continue Reading →

Payments industry and regulatory round up

 A round-up of payment related developments at Pay.UK, the Payment Systems Regulator, the Bank of England, HM Treasury, the FCA and the Open Banking Implementation Entity. Period covered: 20 March to 6 April 2022. Pay.UK Current Account Switch Service annual report: continued progress in 2021 The Current Account Switch Service achieved all its regulatory KPIs in... Continue Reading →

Payment Systems Regulator Annual Plan

The Payment Systems Regulator (PSR) has published its Annual Plan for 2022/23.   In publishing the annual plan the PSR have stated that, on the whole, the regulated payment systems work well. However, the PSR believe that the payments landscape is evolving and with this, there are issues that need to be addressed.  The areas that the PSR... Continue Reading →

Quick Summary: Regulatory Initiatives Grid

Financial Services Regulatory Initiatives Forum In November 2021 the Financial Services Regulatory Initiatives Forum published an updated version of the Regulatory Initiatives Grid which is intended to help regulators identify and manage peaks in demand and give firms a clearer idea of the major upcoming initiatives across the main financial services authorities. In this blog we provide... Continue Reading →

Quick summary: Protected and Free-To-Use ATMs

In December 2021 the Payment Systems Regulator (PSR) published an extension to Specific Direction 8 (SD 8) which requires LINK to do all it can to fulfil its commitment to maintain the broad geographic spread of free-to-use (FTU) ATMs. In this blog we provide a quick summary of the Specific Direction with relevant links to the PSR’s website. Extending... Continue Reading →

Quick summary: Card-acquiring market review

In January 2022 the Payment Systems Regulator (PSR) published their initial remedies consultation for its card-acquiring market review. In this blog we provide a quick summary of the latest outcomes of the market review together with relevant links to the PSR’s website. What are card acquiring services and why do they matter? Every time somebody makes a... Continue Reading →

Quick Summary: Payment Systems Regulator – NPA Regulatory Framework

In December 2021 the Payment Systems Regulator (PSR) published their regulatory framework for the New Payments Architecture (NPA) central infrastructure services (CIS). In this blog we provide a quick summary of the regulatory framework and the associated Specific Directions together with relevant links to the PSR’s website. What is the New Payments Architecture (NPA) and why is it... Continue Reading →

Quick Summary: Payment Systems Regulator Strategy

In January (2022) the Payment Systems Regulator (PSR) published their latest strategy which sets out their priorities and what they aim to achieve over the next five years.  In this edition of Payments:Unpacked Extra! we provide a quick summary of the strategy together with relevant links to the PSR’s website. Strategic priorities The PSRs strategy recognises areas where payments... Continue Reading →

Authorised Push Payment (APP) Scams

Northey Point’s response to the Payment Systems Regulators consultation on Authorised Push Payment (APP) Scams (CP21/10). Introduction This paper sets out Northey Point’s response to the PSR’s Authorised Push Payment (APP) Scams consultation (CP21/10). Mike Chambers is a recognised authority on retail payments and, as Chief Executive Officer, led Bacs Payment Schemes Limited (Bacs), the... Continue Reading →

Accessing the UK’s Interbank Payment Systems

The Payment Systems Regulator (PSR) has published (January 2022) their latest access and governance report showing trends and developments in interbank payment systems for the period 2019 and 2020.  The report is aimed at anyone with an interest in access trends for interbank systems, and in their governance arrangements. This includes payment system operators, PSPs, existing and... Continue Reading →

HM Treasury: Payments Landscape Review

The HMT payments landscape review has just been published and outlines the government’s vision is for a payments sector at the forefront of technology and innovation. Underpinning this vision are the government’s high-level aims for payments: UK payments networks that operate for the benefit of end users, including consumers. a UK payments industry that promotes and develops... Continue Reading →

PSR strategy for a changing world

The PSR has been consulting on a new proposed five year strategy - views were required to be submitted by the 10 September 2021 and the PSR propose to use the feedback received to finalise their strategic approach and ensure that they focus on the right outcomes and, ultimately, publish a strategy that is balanced... Continue Reading →

Unpacking the latest (payments) industry developments

The Payments:Unpacked newsletter from Mike Chambers at Northey Point explores a wide range of the UK’s payment news including: Open Banking, Request to Pay, Direct Debit, Confirmation of Payee, Bacs, CHAPS, Faster Payments, LINK, cash, cards and cheques and unpacks the eco-system that supports the operation of these systemically important payment systems. The premium newsletter option offers: Quarterly performance analysis of... Continue Reading →

How payments work affects the society we live in

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... Continue Reading →

The Bangers ‘n’ Mash of reviews

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... Continue Reading →

Payment Systems Regulator: Consumer Research

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 systemsExplore consumer expectations and perceptions around paymentsExplore consumers’ needs in relation to paymentsUnderstand any challenges consumers face around... Continue Reading →

Government announces intention to regulate Buy-Now-Pay-Later

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... Continue Reading →

The future of UK payments: Calls for regulation to facilitate dynamism, innovation and progress

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... Continue Reading →

The Payment Systems Regulator

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... Continue Reading →

HMT Payments Landscape Review – a community response

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... Continue Reading →

Payment imperatives

What role does the Payment Systems Regulator (PSR) play to ensure that competition is effective at all levels of the payments chain? The PSR have commenced a strategic review and are currently in a pre-consultation phase. More: PSR Future Strategy. PSR's Strategic Themes The three themes of the PSR's strategic review are: Theme 1 -... Continue Reading →

Financial regulators publish updated Regulatory Initiatives Grid

The Financial Services Regulatory Initiatives Forum has issued the second edition of the Regulatory Initiatives Grid.  Upcoming work in the latest iteration includes the LIBOR transition and ongoing work to prepare the financial services sector for the end of the EU exit transition period. Also included are Government reviews, including the payments landscape review and the... Continue Reading →

Payment Systems Regulator Annual Report 19/20

The UK's Payment System Regulator (PSR) has published its Annual Report and Accounts for the period 2019/20 - the fifth since its inception. Over the last year, the PSR report that they have advanced their work preventing Authorised Push Payment (APP) scams protecting access to cash and promoting innovation and competition in the interests of everyone... Continue Reading →

Avoiding a Payments Lockdown

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... Continue Reading →

Up ↑