Included in this issue: FCA consults on new conduct rules for payment services and e-money firms; PSR Panel publishes annual review; EBA publishes final PSD2 draft technical standards on home-host cooperation; and more.


UK 

FCA consults on new conduct rules for payment services and e-money firms

The FCA has published consultation paper CP18/21: General standards and communication rules for the payment services and e-money sectors, which consults on rules and guidance to improve conduct standards and communications in the payment services and e-money sectors. The consultation also proposes new standards for the communication of payment services and e-money involving a currency conversion.

FCA, 1 August 2018

PSR sees no need for immediate action on contactless mobile payments

The Payment Systems Regulator (PSR) has published a report summarising the outcome of its research into contactless mobile payments (CMPs) and its understanding of the sector following its call for information exercise in 2016 and 2017. The PSR says it has not been told of any prevented innovation or practices in tokenisation service provision that would require an in-depth assessment of the issues at this point, though it retains the option to investigate and act in future as necessary.

PSR, 31 July 2018

PSR Panel publishes annual review

The Payment Systems Regulator (PSR)’s Panel has published its annual report for 2017-18, highlighting work done on the cards market, the problems faced by small business users of payment services, the impact of Brexit on payment service providers, and developing a clear vision for the next 10-20 years of how the payments landscape will develop.

PSR, 26 July 2018

PSR issues specific directions to operators of Bacs, LINK and FPS payment systems

The Payment Services Regulator (PSR) has issued five new specific directions to the operators of the Bacs, LINK and FPS payment systems. Specific directions and requirements are the decisions that the PSR adopts under the Financial Services (Banking Reform) Act 2013, which relate to individual named industry participants.

PSR, 26 July 2018

Worldwide 

EBA publishes final PSD2 draft technical standards on home-host cooperation

The European Banking Authority (EBA) has published its final draft regulatory technical standards (RTS) specifying the framework for cooperation and the exchange of information between competent authorities under the revised Payment Services Directive (PSD2). The RTS also clarify the type of information as well as the templates to be used by payment institutions when reporting to the competent authorities of the host Member States on the payment business activities carried out in their territories. These RTS help consumers use payments services with confidence across the EU as they ensure consistent and efficient supervision of payment institutions operating across borders.

EBA, 1 August 2018

EBA extends the scope of application of the Joint Committee Guidelines on complaints-handling

The European Banking Authority (EBA) has published an update to the Joint Committee (JC) Guidelines on complaints-handling, which includes an extension of their scope of application to the authorities supervising the new institutions established under the recast Payment Service Directive (Directive (EU) 2015/2366) (PSD2) and the Mortgage Credit Directive (Directive 2014/17/EU) (MCD). This extension will ensure that an identical set of requirements for complaints-handling continues to apply to all financial institutions across the banking, investment and insurance sectors.

EBA, 1 August 2018

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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William James

William James

Partner, Corporate
London

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