Emma RadmoreThe Retail Payments Infrastructure Board – an arm of the BoE – has launched a consultation on the design of the Future Retail Payments Infrastructure. The consultation asks for views on: What payments...
Category - Payment Services & Electronic Money
Laura Wiles
Victoria FergusonPayments firm Monevium enters special administration
Monevium Ltd – a payment services firm – has entered special administration. Adam Stephens and Christopher Allen of S&W Partners were appointed joint special administrators of the firm on 18 June 2026...
FSMB amendments grow before Committee stage
As at 17 June, the tabled amendments for discussion in Committee stage of the FSM Bill ran to 68 pages. Key submissions: aim to create a debate on what the new look consumer credit regulatory regime will look like and...
E-money firm placed into special administration over FCA’s financial crime concerns
Having imposed restrictions on Euro Exchange Securities UK, the FCA has succeeded in closing the payments firm after London’s High Court approved the FCA’s application to appoint administrators for the firm...
Harry WellsCommittee stage for FSM Bill to start on 22 June
The Financial Services and Markets Bill had its second reading in the Lords on 8 June and has now been scheduled for the Committee stage starting from 22 June. At second reading, Lord Stockwood introduced the Bill for...
FCA places restriction on EMI over financial crime concerns
The FCA has imposed a restriction on Euro Exchange Securities UK requiring it to cease carrying out any regulated electronic money or payment services. The regulator had serious concerns around the firm’s...
WBD advises on payment services firm Halo Financial special administration
Halo Financial Limited – a firm authorised by the FCA to provide foreign exchange services – has entered special administration under the Payment and Electronic Money Special Administration Regime (PESAR). Bai Cham and...
FCA announces launch of UK Payments Initiative
The new UK Payments Initiative will pave the way for progress in open banking and commercial variable recurring payments. The UKPI is an industry led scheme that the FCA says will give people more choice on how and when...
SPI SB Remit enters administration
Sukate & Bezeboh Ltd (t/a SB Remit) – a small payments institution (SPI) – has entered administration. Frank Ofonagoro and Charles Turner of Opus were appointed joint administrators of the firm on 22 May...
FCA updates operating metrics
The FCA’s latest set of operating metrics shows new firm authorisations for consumer investments, insurance and wholesale are struggling to meet the new targets, and EMR/PSR authorisation and VOP applications also...
PSR consults on card scheme profitability reporting
The PSR is consulting on plans to require Mastercard and Visa to report their UK financial performance after finding that the schemes’ profit margins are higher than it would expect in competitive markets. It...
Financial Services and Markets Bill starts legislative process
The Financial Services and Markets Bill has been published and has started its parliamentary passage in the House of Lords, where it has had its first reading but the second reading, which is when debate starts, does...
BoE speaks on choice in payments
Victoria Cleland, speaking in Washington D.C, spoke of the importance of maintaining choice in payments and payment methods, to promote competition, inclusion and innovation. She noted that cash is still important to...
King’s Speech confirms promised regulatory reforms
The King’s Speech, given on 13 May, was expected to cover several of the regulatory reforms already consulted on. While not all the development were mentioned in the speech itself, the Briefing notes accompanying...
FCA updates EMI/API approach document
The FCA has updated its guidance and “approach” document for e-money and payment firms, primarily to take account of the new safeguarding rules, which took effect today (7 May). The accompanying website...
Government announces payment regulation overhaul
As part of the UK’s Fintech week, the government has announced how it plans to modernise payment services regulation. There is no consultation yet, but the government will publish that soon. Its plans include:...
Stephen WilsonFCA publishes work programme
The FCA has published its work programme for 2026/27 together with its perimeter report. The plans stress the FCA’s drive to be a smarter, more data driven regulator, and include detail on how it will use AI to...
FCA perimeter report calls for Government action
The FCA’s perimeter report has identified 15 areas where the FCA wants to see change from the government, including: removing self-certification for FPO purposes and raising the thresholds for the HNWI and...
PSR publishes work plan and budget for 2026/27
The PSR has published its work plan for 2026/27, highlighting it continued focus on tackling high card fees, maintaining APP fraud protection, and supporting innovation and competition in the UK payments sector. In...
Payments Association reports on digital platform role in APP fraud
The Payments Association has published a report looking at where liability should sit for APP fraud that begins on digital platforms. It says most fraud begins there, but the liability sits with the payment providers...
FCA publishes Payments Regulatory Priorities
The FCA has published its Regulatory Priorities report in respect of the Payments sector. Its priorities are: preparing to support effective growth, competition and innovation in future, including on open banking...
FCA updates EMI/API “approach” document
The FCA has published an updated version of its “approach” document to how it regulates under the EMRs and PSRs. The new version has updated chapter 20 in respect of exemptions to SCA, including the...
UK Finance publish guidance on contactless limits
UK Finance has published guidance on upcoming changes to contactless limits. Currently, contactless debit and credit cards are subject to: A single transaction limit of £100 Background limits that require a consumer to...
BoE speaks on reforming cross-border payments
Andrew Bailey – BoE Governor – has delivered a speech on progress on the G20 Cross-border Payments Roadmap at the FSB Payments Summit. The speech noted that cross-border payments remain slow, expensive and...
FCA speaks on payment supervision consolidation
David Geale, PSR managing director and FCA director for payment and digital finance, spoke on the impact of consolidating the PSR into the FCA, and how this can help a more joined-up approach. Firms will no longer have...
FCA cancels SPI permission
The FCA has cancelled the permission of Dania Money Transfer Limited, a small payments institution which had been registered with the FCA since March 2018. As with many of the other payment institution permissions...
Payments Vision Delivery Committee publishes Payments Forward Plan
The Payments Vision Delivery Committee, comprising HM Treasury, the BoE, FCA and PSR, has published its Payments Forward Plan, which sets out upcoming initiatives across retail and wholesale markets. It looks at what is...
FCA cancels another payments registration
The FCA has cancelled the registration of another payments firm. Stallion Money Limited, an API, had had its HMRC registration cancelled in 2020 and not renewed it, nor had it provided payment services since late 2020...
BoE confirms early morning settlement hours extension
The BoE has confirmed it is extending CHAPS settlement hours by moving the start of settlement to 01:30 (from the current 6:00) from September 2027. There was limited demand for extending the window at the end of the...
FCA publishes video guides for payments and digital asset firm applications
The FCA has published a series of video guides aimed at helping payments and digital asset firms improve their applications for authorisation and registration. The guides cover: Expectations of the MLRO; Application...
PSR fines Bank of Ireland UK £3.7m for Confirmation of Payee failures
The PSR has fined the Bank of Ireland UK approximately £3.7m for implementing Confirmation of Payee requests over a year after the deadline. The safeguard was not applied to transactions involving more than 1.1m new...
E-money firm exits UK markets
Gemini Payments UK, an EMIL, and Gemini Intergalactic UK, a registered cryptoasset firm, have announced plans to exit the UK market. All customer accounts will be closed from 6 April, following a phased wind-down...
PSR speaks on delivering the National Payments Vision
David Geale – PSR managing director at and FCA executive director for payments and digital finance – has given a speech on delivering National Payments Vision at the Payments Regulation and Innovation Summit...
FCA imposes restrictions on EMI BeAccount
The FCA has issued a first supervisory notice to electronic money institution (EMI) BeAccount Ltd, imposing restrictions on its business activities due to concerns the firm no longer meets, or is unlikely to meet, the...
FCA cancels SPI registrations
The FCA has issued final notices cancelling iCorp Global Limited and Omdoom General Trading‘s registrations as small payments institutions (SPIs). iCorp Global had failed to notify the FCA of significant changes...
Ashley Alder takes over as PSR Chair
Ashley Alder, current FCA Chair, will also take on the role of Chair of the PSR from 26 January, when Aidene Walsh’s term ends. He will as a result act as Chair of both entities as they move to consolidation.
Regulators give clarity on enforcement approach for open banking pricing models
The FCA and PSR have issued a joint statement on open banking pricing models, confirming that they will not currently be prioritising an investigation under the Competition Act into to centralised ‘access...
PSR pleased at Court backing on cross-border interchange fees
The PSR has welcomed the High Court’s agreement that the PSR does have the power to impose a cap on cross-border interchange fees. The regulator had proposed a cap, because it considered the figures unduly high at...
FCA cancels SPI registration
The FCA has cancelled the registration of small payment institution First Money Services Ltd following the firm’s breaches of the PSRs 2017. Specifically, the firm: failed to provide payment services within 12...
FCA removes contactless limit requirement
The FCA has gone ahead with its plans to remove the contactless limit requirement, so that in future providers and consumers will be able to set higher limits or turn off contactless limits all together, with the result...
PSR consults on transparency and governance changes for scheme and processing fees
The PSR is consulting on proposed changes to improve transparency and governance in fees. The changes follow the PSR’s market review, which concluded that Mastercard and Visa are subject to ineffective competitive...
Chancellor makes payment regulation recommendations
The Chancellor has written to the FCA and PSR with recommendations on payments regulation going forwards. The letter emphasises the Government’s growth agenda and the need for regulators to drive forward the...
Treasury publishes report on PESAR
HM Treasury has published a report on the Payment and Electronic Money Special Administration Regime introduced under the Payment and Electronic Money Institution Insolvency Regulations 2021. The report, by Adam...
Regulators update Regulatory Initiatives Grid
The latest edition of the Regulatory Initiatives Grid updates on timelines for 124 live initiatives across the 9 organisations covered by the grid. The press release heralding the publication highlights the themes of:...
Court concludes special administrators unable to terminate customer contracts to protect firm’s economic interests
In a directions application, the High Court concluded that the joint special administrators (JSAs) of Argentex were not entitled to terminate customer contracts under the firm’s terms of business for the purpose...
FPC publishes December update
The records of the FPC meetings on 25 November and 1 December note that: risks to financial stability have increased during 2025 for a variety of reasons, including fragmentation of trade and financial markets; many...
Court appoints creditors’ proposed special administrators in API insolvency
The High Court has granted a payment institution special administration order for JNFX Ltd – an authorised payment institution – upon application by its directors. It was common ground between the parties...
FCA publishes skilled persons data for Q2 2025
The FCA has published its latest data on skilled persons reports, covering 1 July – 30 September 2025. During this period, the FCA commissioned 6 skilled persons reports: 2 reports related to insurance, 1 to...
PSR pleased with CoP effect
The PSR has published its latest fraud prevention data, and noted that now that nearly all firms that use FPS also use CoP there has been a marked improvement in fraud prevention. Since CoP was expanded beyond the...
Payments Vision Delivery Committee publishes strategy for retail payments infrastructure
The Payments Vision Delivery Committee has published its strategy for the future of UK retail payments infrastructure, in line with the Government’s National Payments Vision. The strategy is built on the three...
FCA and PSR support proposals for consolidation approach
The FCA and PSR have issued a joint response to HM Treasury’s consultation on consolidating the PSR’s functions within the FCA. The regulators agree with the Government’s proposed approach for the FCA...
PSR decides not to pursue interim cross-border fee cap and consults on approach
The PSR has decided that it will not proceed with implementing an interim cap on cross-border interchange fees. The decision follows a December 2024 market review into UK-EEA cross-border interchange fees which...
PSR reflects on APP reimbursement impact one year on
One year after its implementation on 7 October 2024, the PSR has reflected on the impact of the APP reimbursement requirement. The latest figures show that in the first nine months following implementation: £112m was...
FSB calls for improvements in cross-border payments implementation
The Financial Stability Board (FSB) has published its 2025 progress report on actions taken under the G20 Roadmap for Enhancing Cross-Border Payments. It notes that while the FSB and partner organisations have completed...
Payment services firm Currency Matters enters special administration
Currency Matters Limited – a firm authorised by the FCA to provide payment services to corporate and retail clients – has entered into special administration. Frank Ofonagoro and Allister Manson of Opus...
FOI data shows reduction in e-money licences
Data obtained by business news platform City AM through a Freedom of Information request has revealed that as few as 6 authorised e-money institution (AEMI) licence applications have been approved by the FCA in the last...
Court sanctions distribution plan in Rational FX special administration
The High Court has approved a distribution plan in the special administration of Rational Foreign Exchange Ltd which enables the joint special administrators – Kristina Kicks and Edward Boyle of Interpath –...
BoE seeks appointments for Retail Payments Infrastructure Board
The BoE has outlined the aims of the new Retail Payments Infrastructure Board (RPIB), which will bring together expertise across the sector to design next generation infrastructure. The RPIB will translate the vision...
FCA goes ahead with contactless limit proposals
The FCA is now formally consulting on giving card providers the flexibility to decide customer contactless limits. The proposal follows its discussion paper in which it mooted removing the contactless limit altogether...
Wolfsberg Group publishes fiat-backed issuer account provision guidance
The Wolfsberg Group has published its guidance for firms on providing bank account services for fiat-backed stablecoin issuers. In principle, the Group thinks that most of the same financial crime risk management...
Treasury consults on payment systems regulation
HM Treasury is consulting on how it plans to integrate the PSR’s functions primarily within the FCA, following its announcement earlier this year. It wants the FCA to take on the PSR’s responsibilities so...
PSR publishes annual report and accounts for 2024/25
The PSR has published its annual report and accounts for 2024/25. Strategically, the PSR has been working towards integrating with the FCA. It has also been focussed on the NPV, innovation, competition and security, and...
BoE speaks on “multi-money” system
Sarah Breeden – Deputy Governor of Financial Stability at the BoE – has delivered a speech on innovation in money and payments at the Bank of England and Warwick Business School Innovation in Money and...
PSR revokes SDs and issues new directions to Pay.UK and LINK
Following consultation, the PSR has published its decisions to revoke Specific Direction 2 and 2a, and Specific Direction 4 and 4A Earlier this year, the PSR also revoked Specific Direction 3, which required that all...
FCA confirms new payments safeguarding rules… for now
The FCA has confirmed its reform of the safeguarding rules for payment firms. The new rules will take effect from 7 May 2026 (giving firms 9 months lead in) in the form of what the FCA now describes as a “Supplementary...
FCA announces more firm failures
The FCA has announced that two more firms have failed: Argentex LLP, authorised to provide e-money and payment services and also wealth management, went into special administration under the Payment and EMI Insolvency...
FCA and ICO set out thoughts on Open Finance and Smart Data
The Digital Regulation Cooperation Forum has published the joint views of the FCA and the ICO on the technologies that are shaping Open Finance and the regulatory questions stemming from its development. APIs are likely to remain key to Open Finance and Smart Data as they facilitate real time, secure and trusted data exchange. So common standards and strong interoperability across sectors and providers will be essential. Another key driver could be AI which has the potential to carry out many key chores including automating data cleaning and preparation, enhance fraud detection, assess creditworthiness, deliver advice and recommendations and help consumers to open accounts and switch products.� However, with that comes risks, not least addressing questions around automated decision-making, transparency and explainability.
There is also the potential for DLT and smart contracts to play a role, which could, for example, automate administrative tasks, improve data integrity and security and track the flow of data for easier auditing. But, again, there are risks, such as it being potentially difficult to revoke access to or correct data, and it may be unclear who is responsible if things go wrong.
More generally, the key regulatory issues are:
balancing evolution of technology with fostering trust in new products and services and delivering good outcomes for consumers;
organisations ensuring they consider which lawful basis for processing data is most appropriate to enable the required data sharing;
what effective data minimisation would look like;
achieving transparency and consumer understanding when AI is used;
the role of regulators; and
embedding trust.
PSR publishes annual report
The PSR annual report focuses on:
that 99% of FPS transactions are now within Confirmation of Payee;
the APP fraud reimbursement reforms;
driving forward open banking; and
reaching milestones on card fee reviews.
Payments and e-money firm Ziglu enters special administration
Ziglu Limited – an authorised e-money and payment services firm – has entered into special administration. David Shambrook and Damian Webb of RSM were appointed joint special administrators of the firm on 7...
BoE fines Vocalink £11.9m for compliance failure
The BoE has fined Vocalink Limited £11.9m in respect of a compliance failure under s.196 of the Banking Act 2009. This marks the first time that the BoE has fined a financial market infrastructure (FMI) firm. Vocalink...
APPG on Fair Banking publishes APP report
The All Party Parliamentary Group on Fair Banking has published its “blueprint” on how to beat APP fraud. The report looks at how the UK is responding to threats and the early impact of the mandatory reimbursement...
PSR consults on removing LINK competitive procurement requirement
The PSR has published a consultation on revoking Specific Direction 4, which requires the operator of the LINK payment system to undertake a competitive procurement for the infrastructure required to run it every 10...
FCA finds gaps in payments and e-money risk management and wind-down planning
The FCA has published the findings of its multi-firm review on enterprise and liquidity risk management and wind-down planning at e-money and payments firms. Of the 14 firms reviewed, the FCA said none fully met its...
BoE speaks on RTGS 2 and innovation
Victoria Cleland – BoE Executive Director of Payments – has delivered a speech at the UK Finance Digital Innovation Summit on the success of the renewed Real Time Gross Settlement (RTGS) service, and ongoing...
Regulators revise MoU on payments cooperation
The FCA, PRA, BoE and PSR have signed a memorandum of understanding on cooperating and coordinating their functions in relation to UK payments. Since the last review in December 2024, the regulators found that...
FCA publishes consumer guidance on recurring card payments
The FCA has published a webpage aimed at consumers, providing details of their rights when agreeing to a recurring card payment (or continuous payment authority) and how to deal with fees incurred after cancellation...
Innovate Finance queries FCA proposals on contactless limits
Innovate Finance has responded to the FCA call for input on contactless limits. It queries whether the proposals really do align with economic growth objectives. It cites the crucial need for regulatory focus on SCA and...
PSR publishes consumer payments research report
The PSR has published its 2024-25 Consumer Research report, which aimed to understand the influences behind consumer payment choices, how consumers behaved in different circumstances, and what they required of their payments systems.
Key findings included:
Payment behaviours are guided by context and rooted in habit;
Consumers are largely satisfied with payment systems and feel that payments are working well:
95% of consumers agree that payment systems in the UK are working well;
92% say that they can make and receive payments in a timely manner; and
87% feel their money is secure when they make payments in the UK;
However, 41% worried about the possibility of fraud (a particular concern for financially constrained consumers) and 39% experiencing limited choice in payments;
Consumers are confident about prioritising different needs for different payments:
Ease of use is consumers� top priority for lower value payment types, closely followed by speed;
Protection and security are the top priorities for higher value payments, with 42% of consumers preferring credit cards for higher value items; and
For recurring payments, reliability was key: 74% of consumers preferred to use direct debits or standing orders for their utility bills, and about two-thirds for rent or mortgages and entertainment subscriptions;
Contactless card payments remain the most frequently used payment type, with younger consumers significantly more likely to use mobile wallets regularly. A third of customers said they used contactless payments more than they did last year due to convenience, and they trust them more than they did previously; and
The majority of consumers felt positive and reassured when informed about the PSR�s recently introduced APP fraud reimbursement policy.
Changes to payment services agreement termination rules agreed
The Payment Services and Payment Accounts (Contract Termination)(Amendment) Regulations 2025 have been made and will come into force on 28 April 2026. We reported on the draft Regulations when they were laid before...
FCA cancels SPI permission
The FCA has cancelled the permission of a small payment institution which did not in fact start providing payment services and failed to submit regulatory returns. Transfer Now Ltd was registered in January 2019 and...
PSR consolidates APP reimbursement publications
The PSR has published a consolidated policy statement comprising all previous publications on the APP scam reimbursement requirement, sot that firms will now have a single point of reference. The document also...
FCA publishes 2024 Financial Lives survey
The FCA has published findings from its 2024 Financial Lives survey. Key findings from the latest report include: 1 in 10 people have no cash savings at all, and another 21% have less than £1,000 to draw on in an...
PSR reflects on APP reimbursement story so far
The PSR has looked back at the 7 months since the APP scam reimbursement requirement went live. It is pleased with the data it has seen and what it has heard from firms and is generally seeing positive results. It is...
FCA appoints payments and digital finance director
The FCA has appointed David Geale as the permanent executive director for payments and digital finance, and managing director of the PSR (while it remains in place). He will also: be responsible for helping to deliver...
BoE speaks on digitalisation
Sarah Breedon has spoken on the importance of interoperability in an increasingly digitalised environment. She said the BoE is aware that developments in digital money and assets risk new systems emerging in what she...
PSR publishes annual plan and budget
The PSR has published its annual plan and budget for 2025/26, highlighting its work in the coming year as it approaches consolidation with the FCA. In the meantime, the PSR retains its remit and powers pending...
FCA looks at good and poor practice in international payment pricing transparency
The FCA’s latest Consumer Duty review has looked at good and poor practices in how firms communicate the cost of international payments. It reviewed websites of various payment firms, looking at whether their...
Treasury publishes draft payment services framework contract termination regulations
HM Treasury has laid before Parliament draft regulations that will strengthen protections for payment service users where their provider has decided to terminate their account and withdraw the payment service. Under the...
Updated RTGS service goes live
The BoE’s updated RTGS service – RT2 – went live on 28 April 2025. RT2 is set to support the BoE’s strategic objectives for RTGS and CHAPS, and to drive innovation and competition in wholesale...
PSR explores changes in the payments landscape
The PSR has considered changes in the payments landscape from consumer, merchant and industry perspectives. For consumers, the PSR notes growth in digital payments and digital wallets technology. Cards remain the most...
PSR publishes summary of scheme and processing fees roundtables
The PSR has published a summary of discussion points at the stakeholder roundtables it conducted in July 2024 on scheme and processing fees. The discussion on remedies was split into four sections, each focusing on a...
API enters special administration
Blackthorn Finance Ltd, an authorised payment institution, has entered special administration. The FCA had imposed restrictions and an asset requirement on the firm in late 2023 and the firm had entered members...
FCA updates Regulatory Initiatives Grid
The updated Regulatory Initiatives Grid highlights many initiatives for various regulators relevant to the financial markets, including: during 2025: further action plan on FCA requirements in light of Consumer Duty...
PSR defers APP claims management system consultation
The PSR had planned to consult in April 2025 on adopting Reporting Standard B and whether to put in place regulatory requirements for Pay.UK’s reimbursement claims management system. Having considered stakeholder...
PSR appoints interim Head of Policy
The PSR has appointed Claire Simpson as interim Head of Policy. Ms Simpson previously led the PSR’s work on APP scams. Her appointment is effectively immediately, and she replaces Kate Fitzgerald, who leaves the...
ICO review of firms’ use of children’s data
The ICO has published a report of its findings of a review which took place over six months last year of over 40 participant financial services firms’ use of children’s’ data. Providers of products...
APPG on Fair Banking publishes APP fraud report
The All Party Parliamentary Group (APPG) on Fair Banking has published a report on APP fraud, considering its scale and impact, and the effectiveness of associated regulation. The report concludes that while significant...
PSR consults on scheme and processing fees
Following the report it prepared into the scheme and processing fees charged by Visa and Mastercard, PSR has set out a number of proposed remedies on which it is consulting: requiring Mastercard and Visa to provide more...
FSB announces establishment of Cross-Border Payments Data Forum
The FSB has announced the establishment of a Forum on Cross-Border Payments Data, as a result of its recommendations for cross-border data frameworks published in December 2024. The Forum will bring together experts in...
BoE speech on innovation in wholesale payments
The BoE’s Executive Director of Payments, Victoria Cleland, has given a speech at the Pay360 event highlighting the Bank’s recent efforts to further innovation in the wholesale payments field. In particular...
FCA publishes 5 year strategy
The FCA has launched its much-trailed 5 year strategy. It will focus on 4 priorities: being a smarter regulator; supporting sustained economic growth; helping consumers to navigate their financial lives; and fighting...
FCA consults on removing contactless limit
The FCA is asking for views on whether it would be a good thing to remove the contactless limit, and has published an “engagement paper” to seek views. The suggestion is all part of the work to support...
PSR updates on scam data publication plans
The PSR has outlined how it plans to publish APP scam data for 2024. Before the mandatory reimbursement requirement came into force in October, it published data annually. For the last cycle of 2024, it is planning to...