Included in this issue: Stats show changes in payment habits in the UK; Approach to current payment services regime: FCA feedback statement; European Commission launches task force on financial technology and more...
Stats show changes in payment habits in the UK
A study has shown that over 20 million consumers in Britain feel cash will no longer be part of society in 15 years' time and 73% felt they were likely to stop carrying cash within the next five years due to the increasing convenience and security of mobile and contactless payment services. This marks a significant change in the way consumers view cash.
Business Zone, 15 November 2016
Approach to current payment services regime: FCA feedback statement
The FCA has published a feedback statement which details responses to its call for input on the approach to the current payment services regime. In summary:
- Respondents are happy with current guidance and find the Perimeter Guidance Manual (PERG) a useful source of information
- Respondents feel the guidance could be updated to reflect developments in the market since it was first published in 2009
- Further guidance on specific matters would be welcomed
- Combining the FCA's payment services and e-money approach documents would be useful, as would raising awareness of the e-learning module for PSPs
The FCA will now develop its approach to the revised payment services regime and publish final guidance to help PSPs, following a further consultation.
FCA, 15 November 2016
FinTech Accelerator speech from Bank of England COO
The Bank of England has published a speech given by the Chief Operating Officer on the progress of the BoE's FinTech Accelerator which sees the BoE working with FinTech firms to develop new approaches in priority areas. Key elements of the proof of concept (PoC) projects undertaken were summarised in the speech, highlighting work relating to data analytics, visualisation and cybersecurity. The BoE website also states that the next call for applications will close on 9 December 2016.
Bank of England, 09 November 2016
Payment services stakeholder liaison group minutes published
The FCA has published minutes of the meeting of the Payment Services Stakeholder Liaison Group which took place on 14 October 2016. The next meeting is due to take place in December and the key topic is likely to be the definition of online payment account access.
FCA, 09 November 2016
European Commission launches task force on financial technology
The European Commission has published a press release announcing that it is launching an internal task force on financial technology (TFFT).
European Commission, 14 November 2016
European Parliament letter to EBA on RTS on strong customer authentication under PSD2
The EBA has published a letter that it has received from the European Parliament about the development of regulatory technical standards (RTS) on strong customer authentication and secure communications under the Directive on payment services in the internal market ((EU) 2015/2366).
European Parliament, 11 November 2016
FCA and PBOC enter into co-operation agreement to promote innovation
The FCA has published the co-operation agreement that it has entered into with the People's Bank of China (PBOC). In the agreement, the FCA and the PBOC undertake to share information about innovations in financial services in their respective markets, where appropriate.
FCA, 11 November 2016
EBA newsletter on upcoming publications
The EBA has published an upcoming EBA publications newsletter for October-December 2016, including Guidelines on the Authorisation for Payment Institutions.
EBA, 10 November 2016
Partner, Head of Competition