Included in this issue: UKRN final report on price comparison websites; Five million Brits cancelled credit cards following fraud last year; Disruption in payments facing finance industry and more...
UKRN final report on price comparison websites
The UK Regulators Network (UKRN) has published a final report on price comparison websites. This report indentifies the benefits for consumers of price comparison websites, the potential risks that could undermine their effectiveness, reviews the regulatory approach to dealing with such risks and explores how price comparison websites may develop in the near future.
FCA speech - Balancing regulatory objectives in consumer credit market
The FCA has published a speech made by Jonathan Davidson, FCA Director of Supervision - Retail and Authorisations, on the subject of balancing regulatory objectives in the consumer credit market.
PSR receives super-complaint from Which? on safeguards in the market for push payments
The Payment Systems Regulator has received a super-complaint from Which? on safeguards in the market for push payments. Which? is concerned that when consumers are tricked into transferring money to a fraudster via a ‘push’ payment (such as when the consumer instructs their bank to send money) there is not an appropriate level of protection compared to other types of payment.
Payment Systems Regulator, 23 September 2016
Speech on combating financial crime from FCA
The FCA has published a speech by Megan Butler, FCA Executive Director of Supervision – Investment, Wholesale and Specialists concerning: "What makes for an effective approach to combating financial crime". The speech was addressed to banks at the British Banker's Association Financial Crime and Sanctions Conference.
Five million Brits cancelled credit cards following fraud last year
A new survey has shown that one in ten adults had to replace their cards following a cyber attack or identify fraud last year, suggesting that the scale of fraud in the UK is higher than previously thought. The average loss in each case of fraud was £475. Some websites of the UK's largest companies have experienced data breaches in the last two years.
Disruption in payments facing finance industry
Once a backwater of finance, payments now faces a period of great disruption. Growth spurts have been created by the trend for people to increasingly pay for more things on mobile devices and also buy online, but at the same time there is uncertainty around the future of traditionally dominant players like banks and credit card companies. A growing number of "fintech" start up companies are offering the customer faster, cheaper and easier services, often using blockchain, and challenging traditional supremacy.
Financial Times, 26 September 2016
Currency markets could be reshaped by bitcoin technology
Companies providing payment systems to banks are unveiling distributed ledger products which could see bitcoin-inspired technology making its way into foreign-exchange markets and lowering the costs of cross-border transactions.
Wall Street Journal, 27 September 2016
ECB 2015 Payments statistics
The European Central Bank has published payment statistics for 2015 including volumes and values of transactions processed through payment systems.
EBA consultation paper on fee terminology and disclosure documents under PAD
The European Banking Authority (EBA) has published a consultation paper on draft technical standards on fee terminology and disclosure under the Payments Accounts Directive. The paper sets out the following three draft technical standards:
- Draft Regulatory Technical Standards setting out the standardised terminology for services common to at least a majority of member states
- Information Document and its common symbol
- Draft Implementing Technical Standards relating to a standardised presentation format of the Statement of Fees and its common symbol
The consultation will close on 22 December 2016.Draft Implementing Technical Standards relating to a standardised presentation format on the Fee
Partner, Head of Competition