In this issue: PSR consults on financial penalty scheme for use of retained amount from PSR regulatory penalty receipts; Online payments 'face disruption' from EU payment plans; The state and prospects of the Euro area recovery and more...


UK 

PSR consults on financial penalty scheme for use of retained amount from PSR regulatory penalty receipts

The Payment Systems Regulator (PSR) published a consultation paper setting out its draft Financial Penalty Scheme, which announced the PSR's proposed methods for allocating the money it retains from regulatory penalty receipts (CP15/5).

PSR, 17 November 2016

House of Lords to explore digital and financial exclusion

The House of Lords Select Committee on Financial Exclusion has announced it is to take evidence gathered from a range of organisations such as Lloyds TSB and the Tinder Foundation to explore the relationship between digital exclusion and financial exclusion and how FinTech might help to address financial exclusion.

The House of Lords Select Committee, 15 November 2016

WORLDWIDE

EBA responds to ECON letter outlining concerns about draft RTS under PSD2

The European Parliament's Economic and Monetary Affairs Committee (ECON) issued a letter (dated 14 November 2016) it received from the EBA, relating to the regulatory technical standards (RTS) on strong customer authentication (SCA) and secure communications (SC) under the Directive on payment services in the internal market.

ECON, 23 November 2016

Online payments 'face disruption' from EU payment plans

EU proposals to make consumers go through extra security checks for many online payments have come under fire from Visa and other payment companies.

BBC, 22 November 2016

The state and prospects of the Euro area recovery

Mario Draghi, President of the European Central Bank (ECB), discussed the state and prospects of the Euro area recovery in his speech at the European Banking Congress, Frankfurt

ECB, 18 November 2016

Strong customer authentication under PSD2—European Parliament letter to the EBA

European Parliament's negotiating team have highlighted their concern about the EBA's proposal in draft Article 19 on the RTS for a mandatory "dedicated interface", suggesting it could risk giving to account servicing payment service providers the possibility to exclude or limit direct access to the payer's account via existing online banking facilities which would go against the principles set out in Article 98(2) of PSD2. 

European Parliament, 18 November 2016

Key contacts

Amanda Hulme

Amanda Hulme

Partner, Head of Financial Regulation
London

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Fiona Ghosh

Fiona Ghosh

Partner, Commercial
United Kingdom

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Bruce Kilpatrick

Bruce Kilpatrick

Partner, Head of Competition
London

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