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Oct 30, 2024 | 
lexology.com | Nikki Worden |Paul Anning |Seirian Thomas |Paul Harris
Updates on authorised push payment fraudPSR confirms £85,000 maximum reimbursement limit for APP fraudOn 25 September 2024, the Payment Systems Regulator (PSR) published a press release confirming its decision on the maximum reimbursement limit for victims of Faster Payments authorised push payment (APP) fraud, setting the new maximum limit at £85,000.
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Sep 25, 2024 | 
lexology.com | Nikki Worden |Paul Anning |Paul Harris |Seirian Thomas
FCA outlines good and poor practices in cryptoasset financial promotion | PSR response to consultation on expanding variable recurring payments | Consultation on reducing maximum reimbursement level for APP fraudFCA outlines good and poor practices in cryptoasset financial promotionOn 7 August 2024, the Financial Conduct Authority (FCA) published a document setting out the findings of its assessment of firms' compliance with financial promotion rules for qualifying cryptoassets.
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Jul 26, 2024 | 
mondaq.com | Nikki Worden |Paul Anning |Paul Harris |Seirian Thomas
Firms operating in the areas of digital wallets or payment
service providers (PSPs) should look to the Payment Systems
Regulator's consultation on
draft guidance which aims to help PSPs in their assessment
of whether an APP claim made by a consumer is a private civil
dispute and therefore not reimbursable under the reimbursement
requirement.
The deadline for comments on the draft guidance is 8 August
2024, so firms operating in this space should consider providing
feedback.
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Jul 25, 2024 | 
lexology.com | Nikki Worden |Paul Anning |Paul Harris |Seirian Thomas |David Soerensen
UK general election: What did the UK King's Speech contain for business?
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May 31, 2024 | 
lexology.com | Nikki Worden |Paul Anning |Paul Harris |Seirian Thomas
BoE speech on modernising UK paymentsOn 15 April 2024, the Bank of England (BoE) published a speech by Sarah Breeden, the Bank of England's Deputy Governor, Financial Stability, which set out how the BoE seeks to deliver trust and support innovation, both as a provider and as a regulator of retail and wholesale money. Ms Breeden also discussed the first-order threats and opportunities facing central banks and the private sector.
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Apr 26, 2024 | 
mondaq.com | Nikki Worden |Paul Anning |Paul Harris |Seirian Thomas
On 12 March 2024, HM Treasury published a near-final version of
the Payment Services (Amendment) Regulations 2024,
which aim to delay payments processing when there are reasonable
grounds to suspect fraud or dishonesty. The publication is part of
the government's work to tackle authorised push payment (APP)
fraud.
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Apr 23, 2024 | 
lexology.com | Nikki Worden |Paul Anning |Paul Harris |Seirian Thomas
Regulatory Outlook HM Treasury policy note on delaying payments processing and draft amending regulations | HM Treasury policy note on amending payment services contract termination provisions and draft regulations | HM Treasury sets out approach to designation of critical third parties HM Treasury policy note on delaying payments processing and draft amending regulations On 12 March 2024, HM Treasury published a near-final version of the Payment Services (Amendment) Regulations 2024, which...
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Feb 28, 2024 | 
lexology.com | Nikki Worden |Paul Anning |Paul Harris |Seirian Thomas
BoE and HM Treasury respond to consultation on case for digital pound | ESMA consults on draft guidelines under MiCABoE and HM Treasury respond to consultation on case for digital poundOn 25 January 2024, the Bank of England (BoE) and HM Treasury published a response to their joint consultation paper regarding a retail central bank digital currency (CBDC) (a "digital pound"), which provides an update on their plans.
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Nov 28, 2023 | 
lexology.com | Nikki Worden |Paul Anning |Paul Harris |Seirian Thomas
UK cryptoasset regulationHM Treasury update on regulatory approach to cryptoassetsOn 30 October 2023, HM Treasury published a formal response on its proposals for the future financial services regulatory regime for cryptoassets. In the response, HM Treasury confirms that it intends to bring the financial services regulation of cryptoassets within the regulatory framework established by the Financial Services and Markets Act 2000 (FSMA).
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Oct 31, 2023 | 
lexology.com | Nikki Worden |Paul Anning |Paul Harris |Seirian Thomas
New rules on marketing cryptoassets to UK consumers now in forceOn 8 October 2023, new financial promotions rules for qualifying cryptoassets came into force. The definition covers cryptoassets that are fungible and transferable and excludes, for example, non-fungible tokens (NFTs). The rules apply to all firms marketing cryptoassets to UK consumers, including firms based overseas. Please see our earlier Insight for more details on the scope of the new rules.
