Following Covid-19, the message from the UK financial regulators regarding payments firms and payments innovation has stepped up. Recently, the Bank of England published a speech given by Christina Segal-Knowles (Executive Director, Financial Market Infrastructure Directorate) on 11 June in which she discussed the emerging themes and challenges for payments firms and payments innovation. Read more
As consumers use cash to make payments less frequently, and fintech firms offer new forms of money and new ways to make payments, central banks globally are considering how they should respond and whether they too should innovate to meet new payment needs in an increasingly digital economy. Read more
After highlighting payment services as a priority in its 2020/21 business plan and following “evidence that some firms have not implemented the Electronic Money Regulations 2011 or Payment Services Regulations 2017 as [the FCA] expects”, the FCA has published a short consultation proposing further guidance for Payment Services Providers (PSPs), including Payment Institutions (PIs) and … Read more
The UK’s Banking Competition Remedies Ltd (BCR) has launched the application process for the new £100m “Pool E” of its Capability and Innovation Fund. This note describes how to apply to funding from Pool E, and includes some recommendations from us if you are considering applying. Read more
Genevieve Marjoribanks, Head of Policy at the Payment Systems Regulator (PSR), delivered an insightful speech to the Westminster Business eForum this week on innovation in payments and the next steps for digital payments in the UK. One of the PSR’s three key objectives is to promote the development of and innovation in payment systems, including … Read more
First published on Thomson Reuters Regulatory Intelligence on 13 May 2020 In April, the Financial Stability Board (FSB) published, in response to a request from the G20, its awaited consultation on the regulatory, supervisory and oversight challenges raised by “global stablecoins” (GSCs). Given the FSB’s remit, the focus of the consultation is on the impact … Read more
Fintech is a rapidly developing area where developments in the regulatory regime are ongoing. We have created a timeline of key UK and European regulatory milestones to watch out for over the coming months and years. Read more
COVID-19 and the related lockdown restrictions are placing the UK criminal justice system under considerable pressure. In this briefing we discuss a number of COVID-19 related measures impacting the investigation and prosecution of economic crime, and the criminal justice system more broadly. We also touch on fraud risks and financial crime compliance considerations arising from the COVID-19 pandemic, which we will discuss more fully in a future briefing. Read more
This article has also been published by the International Financial Law Review (IFLR). The payments sector is one of the fastest growing sectors within the financial services industry. It is underpinned by consumers’ widespread move away from physical cash and towards electronic payments. Whether consumers are using payment cards or apps, the result has been … Read more
