Included in this issue: BoE letter regarding post-Brexit plans for SFD operating systems; Annual update shows further progress on PFMI implementation and much more...


UK

BoE letter regarding post-Brexit plans for SFD operating systems

The Bank of England (BoE) has published a letter from its executive director, financial market infrastructure, David Bailey, to the chief executives of operating systems designated under the Settlement Finality Directive (SFD). Mr Bailey sets out the BoE's plans for the future UK framework for settlement finality designation of EU systems and clarifies the means through which overseas central counterparties (CCPs), central securities depositories (CSDs) and payment systems can benefit from UK settlement finality designation.

BoE, 25 July 2018

PSR announces market review into card-acquiring services

The Payment Systems Regulator (PSR) has set out its plans to carry out a market review into card-acquiring services and has published draft terms of reference for consultation. The PSR is proposing to carry out this market review having taken into account the concerns that have been brought to its attention. The regulator wants to ensure that the supply of card-acquiring services is competitive and works in the interests of merchants, and ultimately consumers.

PSR, 24 July 2018

BoE completes payment technology proof of concept

The Bank of England (BoE) has announced that it has completed a proof of concept (PoC) to understand how a renewed real-time gross settlement (RTGS) service could support settlement in systems operating on innovative payment technologies, such as those built on distributed ledger technology.

BoE, 24 July 2018

PSR publishes annual report and accounts for 2017/18

The Payment Systems Regulator (PSR) has published its annual report and accounts 2017/18. The PSR says it has made substantial progress in a number of areas, particularly in opening up access to payment systems, fighting against authorised push payment (APP) fraud, and ensuring consumers continue to have widespread access to cash through free-to-use ATMs.

PSR, 20 July 2018

PSR reputation positive but should be more proactive, survey finds

The Payment Systems Regulator (PSR) has published the results of a survey of over 100 stakeholders across the payments sector seeking perceptions of the payments industry. The survey also sought views of the PSR’s performance and reputation, and the accessibility and impact of the PSR’s communications and engagement activities.

PSR, 20 July 2018

UK authorities review payment systems MoU and issue protocol on access to bank accounts

The Bank of England (BoE), the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) have completed their third review of the memorandum of understanding (MoU) in relation to UK payment systems. The FCA and PSR have also agreed a protocol setting out a framework for co-operation with regard to access to bank accounts.

BoE, 20 July 2018

Update on Retail banking order 2017: directions issued to 6 banks

CMA issued directions to 6 banks to ensure they comply with the requirement to release personal and business account data sets as part of the Open Banking remedy. All directionshave now been revoked except for the directions for Bank of Ireland and Santander.

CMA, 20 July 2018

Worlwide 

Annual update shows further progress on PFMI implementation

The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions (CPMI-IOSCO) have published a fifth update to the Level 1 assessment report on implementation monitoring of the Principles for financial market infrastructures (PFMI). The report says jurisdictions are reporting progress towards implementing international standards for payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.

IOoSC, 23 July 2018

Key contacts

Amanda Hulme

Amanda Hulme

Partner, Head of Financial Regulation
London

View profile
Fiona Ghosh

Fiona Ghosh

Partner, Commercial
United Kingdom

View profile
Bruce Kilpatrick

Bruce Kilpatrick

Partner, Head of Competition
London

View profile
William James

William James

Partner, Corporate
London

View profile