(6 min read)
In this edition we discuss the recent announcement of a new Digital Information and Smart Data Bill in the King's speech delivered at the state opening of Parliament in July, an update on the Payment Systems Regulator's (PSR) policy statement on compliance and monitoring of authorised push payment scams reimbursement requirement and further recommendations from the Financial Stability Board on the regulation and supervision of cross-border payments. Further we cover the joint call for evidence from the PSR and the Financial Conduct Authority seeking views on the benefits and risks digital wallets bring to people and businesses in the UK.
The announcement of a new Digital Information and Smart Data Bill
On 17 July 2024, the King's Speech was delivered to Parliament, setting out the government's legislative programme. Included was a newly proposed Digital Information and Smart Data Bill (DISD Bill). This will partially replace the previously discontinued Data Protection and Digital Information Bill (DPDI Bill), In this section we discuss the proposals to enable smart data using the DISD Bill and other key aspects it will cover, as introduced in the King's speech.
Read more here on the proposed DISD Bill
PSR policy statement on compliance and monitoring of authorised push payment scams reimbursement requirement
This edition contains a further update relating to Authorised Push Payment (APP) fraud including the recent policy statement of the Payment Systems Regulator (PSR) setting out its final approach for compliance and monitoring of APP scams reimbursement requirement. This imposes new data reporting requirements on all payment service providers (PSPs) in scope of the PSR's reimbursement requirement policy.
Click here to read what these requirements are and the possible impacts for your firm
Further recommendations from the Financial Stability Board on the regulation and supervision of cross-border payments
On 16 July 2024, the Financial Stability Board (FSB) published two consultation reports on proposed recommendations related to data flows, and regulation and supervision, in cross-border payments. The recommendations encourage jurisdictions globally to identify actions and best practices that would help to foster a more efficient cross-border transfer of payments-related data while respecting public policy objectives around data protection by the payments industry.
Read more on the FSB's recommendations here
PSR and FCA launch joint call for information on big tech and digital wallets
On 15 July 2024, the Payment Systems Regulator (PSR) and Financial Conduct Authority (FCA) published a joint call for information on big tech and digital wallets. The regulators are keen to better understand the impact on UK consumers and businesses that digital wallets’ increasing popularity is creating. This section sets out the range of issues that the regulators are exploring in assessing the risks and benefits that digital wallets present.
Discover more on the issues the regulators are looking on the development of digital wallets
Next steps
If you want to find out what these updates mean for your business, or discuss training opportunities or systems and controls changes, please feel free to get in touch with our Payments Team who would be delighted to speak to you.
