(6 min read)
In this edition we discuss the upcoming general election and what this means for some of the statutory reform we were expecting to impact the payments industry, an update on recent developments in relation to Authorised Push Payment (APP) fraud, the Payment Systems Regulator's recent interim report on its market review of card scheme and processing fees, and last, but certainly not least, we discuss the Treasury's announcement on which firms have been designated under the Financial Services and Markets Act 2000 (FSMA) for the provision of cash access services across the UK.
Impact of the upcoming general election on the payments regulatory reform
With the announcement of an early general election on 4th July, the future of some of the regulatory changes in train has become somewhat uncertain. In this section we discuss some of the legislative instruments that did not make it through the parliamentary process in time.
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Authorised Push Payment (APP) fraud update
This edition contains further updates relating to Authorised Push Payment (APP) fraud including recent publications from the Payment Systems Regulator (PSR) setting out priority areas for the implementation of mandatory reimbursement rules. We also provide an update on the proposals for extending the reimbursement requirements to CHAPS payment system.
Read more on the PSR's expectations relating the reimbursement requirements
An update on the card scheme participation initiatives, including the Payment Systems Regulator's recent interim report on its market review of card scheme and processing fees
The markets for card acquiring and card scheme and processing have come under much regulatory scrutiny in recent years. The Payment Systems Regulator (PSR) has been reviewing these markets to ensure they provide effective competition to protect the interests of the acquirers, merchants and in turn the end consumers. In this section we provide you with an update on the recent publications from the PSR in relation to its ongoing card scheme participation initiatives.
Read more on the PSR's recent card scheme participation initiatives
Treasury's announcement on which firms have been designated under the Financial Services and Markets Act 2000 (FSMA) for the provision of cash access services across the UK
The Government and the Financial Conduct Authority (FCA) are committed to ensuring the reasonable provision of cash deposit and withdrawal services for personal and business current accounts across the UK. The Government has recently announced which banks and building societies have been designated to ensure reasonable provision of cash access services in the UK. These designated firms will be required to comply with relevant rules made by the FCA under the Financial Services and Markets Act 2000 (FSMA) and follow its directions.
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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.
