Included in this issue: FCA consults on the complaint handling of APP fraud; ECJ opinion on determinative criteria for "payment accounts"; EBA adds PSD2 to online Single Rulebook and Q&A tool
FCA consults on the complaint handling of APP fraud
The Financial Conduct Authority (FCA) has launched a consultation on authorised push payment (APP) fraud, and whether firms should be required to handle related complaints in line with the complaints handling rules in the FCA Handbook. The FCA also proposes providing victims with access to the Financial Ombudsman Service if they are unhappy with the outcome reached by the receiving payment services provider (PSP), or if they have not received a response to the complaint at all. Feedback is sought by 26 September 2018.
FCA, 26 June 2018
FCA provides statement on EBA opinion and draft guidelines on PSD2 RTS
The Financial Conduct Authority (FCA) has said that it supports the opinion and draft guidelines published by the European Banking Authority (EBA) on 13 June 2018 on the regulatory technical standards (RTS) on Strong Customer Authentication and Common and Secure Communication under the Payment Services Directive (PSD2). It encourages firms and API initiatives to consider the views contained in the opinion, and says that if the final version of the guidelines is the same as the published draft, and subject to its own consultation process, it would expect to comply with the guidelines.
FCA, 22 June 2018
ECJ opinion on determinative criteria for "payment accounts"
Third party payment transactions are a decisive criterion in determining whether an account is a "payment account"; and the determinative criteria should follow substance over form, in the opinion of Attorney General Tanchev. CJEU typically follows AG opinions, but is not bound to do so.
"…the mere labelling of an account as, for example, a ‘savings account’ is not in itself determinative as to whether such an account constitutes a ‘payment account’ within the meaning of Directive 2007/64, but rather the particular characteristics relating to the account in question, which include its functions and objectives, must be taken into account. Nevertheless, a decisive criterion in the determination of an account as a ‘payment account’ within the meaning of Directive 2007/64 is whether such an account involves direct participation in payment transactions with third parties. Therefore, I consider that the online direct savings account in issue does not fall within the notion of a ‘payment account’ under Directive 2007/64."
AG Tanchev, 19 June 2018, in Bundeskammer für Arbeiter und Angestellte v ING-DiBa Direktbank Austria Niederlassung der ING-DiBa AG, C‑191/17.
ECB speech on how enhancing existing payment systems may be preferable to digital innovations
Benoit Cœuré, a member of the executive board of the European Central Bank (ECB), has made a speech on the future of financial market infrastructures: spearheading progress without renouncing safety, at the Central Bank Payments Conference in Singapore.
ECB, 26 June 2018
Council of the EU to consult ECB on cross-border payments amendments
The Council of the European Union has invited the Permanent Representatives Committee to consult the European Central Bank (ECB) on the proposal for a Regulation of the European Parliament and of the Council amending Regulation (EC) No 924/2009 as regards certain charges on cross-border payments in the Union and currency conversion charges.
Council of the European Union, 25 June 2018
EBA adds PSD2 to online Single Rulebook and Q&A tool
The European Banking Authority (EBA) has updated its online Interactive Single Rulebook and Q&A tool with the inclusion of the Payment Services Directive (PSD2). Users will now be able to review in the online Interactive Single Rulebook all the EBA's final Technical Standards and Guidelines associated with PSD2 (Directive (EU) 2015/2366) by navigating through the Directive on an article by article basis. The inclusion of PSD2 in the Q&A tool will also allow users to submit any questions they may have on the application of this Directive and the EBA's work related to it.
EBA, 22 June 2018