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Category: Regulatory

Regulatory

Strong Customer Authentication in Europe

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 […]

Regulatory

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 which has been driven to […]

Regulatory

New Chair of Payment Systems Regulator (PSR) Panel

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 […]

Regulatory

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 government-led reviews, reports and consultations. […]

Regulatory

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 the opportunities and challenges facing […]

Regulatory

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 – Innovation and future payment methods. […]

Regulatory

Payment Systems Regulator Future Strategy

What role does the PSR play to ensure that competition is effective at all levels of the payments chain? Hear Chris Hemsley (PSR Managing Director) introduce the PSR’s second strategic review theme of competition: Theme 1 of the PSR Future Strategy was launched in July and now themes two and three have also been launched. The three themes of the […]

Regulatory

Competition in UK Banking: A Report to the Chancellor of the Exchequer

This weeks longer read from our newsletter takes us back 20 years to the Cruickshank Report; “Competition in UK Banking: A Report to the Chancellor of the Exchequer.” To put todays banking landscape into perspective it is worth reading the Executive Summary. The executive summary, published in 2000, opens with: Banks operate on a huge scale at the heart of the […]

Regulatory

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 future regulatory framework review. The […]

Regulatory

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 who uses payment systems. By […]

Regulatory

Protecting people from Authorised Push Payment Scams

What is an APP scam? An Authorised Push Payment (APP) scam is when a person or business is tricked into transferring money to a fraudster, thinking that they are sending money to a legitimate person or company. Source: Payments System Regulator Find out more: the PSR’s work to protect people from APP scams. Read Genevieve Marjoribanks’ piece on getting the right outcomes for […]

Regulatory

Getting the right outcomes for the victims of APP fraud

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 […]

Regulatory

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 the payments industry, highlight how […]

Regulatory

HM Treasury: Payments Landscape Review: Call for Evidence

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 […]