This week has seen the Payment Systems Regulator receive a super-complaint from Which?, updated mortgage industry guidance published for lenders and intermediaries, a consultation seeking a change to the definition of finance advice and the EBA publish a paper on fee terminology and disclosure documents under the Payment Accounts Directive.

REGULATORY

UK

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. The super-complaint relates to situations when consumers are tricked into transferring money to fraudsters via a ‘push’ payment. In such circumstances, Which? are concerned that consumers are not afforded with an appropriate level of protection compared to other types of payment.

Payment Systems Regulator, 23 September 2016

Mortgage industry guidance for lenders and intermediaries

The Association of Mortgage Intermediaries, Council of Mortgage Lenders and Intermediary Mortgage Lenders Association have published a joint update on guidance relating to lender and intermediary accountabilities and responsibilities in mortgage sales and servicing. "Working Together" is aligned with the FCA's requirements in the Handbook rules and has been updated to reflect changes made to the Mortgages and Home Finance Conduct of Business sourcebook following the implementation of the MCD in March 2016.

AMI, CML and IMLA, 22 September 2016

Consultation amending the definition of financial advice

A HM Treasury consultation seeking views on amending the UK definition of financial advice has been published. The consultation closes: 15 November 2016.

HM Treasury, 20 September 2016

EU

ECB 2015 Payments statistics

The European Central Bank has published a press release containing a number of payment statistics for 2015 including volumes and values of transactions processed through payment systems.

ECB, September 2016

EPC Blog - Getting Ready to Make the First SEPA Instant Credit Transfers

The European Payments has been published a blog in preparation for publication of the finalised SEPA Instant Credit Transfer (SCT Inst) scheme rulebook, in November. 

European Payments Council, 20 September 2016

EBA consultation paper on fee terminology and disclosure documents under PAD

The 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 RTS setting out the standardised terminology for services common to at least a majority of member states
• Draft ITS relating to a standardised presentation format on the FID and its common symbol
• Draft ITS relating to a standardised presentation format of the SOF and its common symbol

The consultation will close on 22 December 2016.

EBA, 22 September 2016