FIN.

Category - Payment Services & Electronic Money

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...

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...

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 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...

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...

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...

Government abolishes PSR

The Government has announced its intention to abolish the Payment Systems Regulator as part of its drive towards efficiency. It plans mainly to consolidate the PSR’s operations within the FCA. Rachel Reeves said...

FATF consults on Recommendation 16

The FATF has published a second consultation on changes to Recommendation 16 on payment transparency and the related guidance and glossary terms. It needs to make the update to adapt the standard to changes in payment...

E-money firm goes into special administration

Nvayo Limited, an EMI, has entered special administration. The FCA had placed restrictions on the firm in 2023 because of AML compliance concerns, which meant the firm could not carry on any emoney services without the...

PSR publishes new strategy

The PSR has published its strategy for the next 2 years. It is now mid-way through a 5 year strategy, and has made strong progress in delivering positive change. It now needs to: complete work already underway...

Regulators review MoU on payments systems

The BoE, FCA, PRA, PSR have reviewed their MoU on payments systems in the UK, as they are required to do on an annual basis. The regulators noted that over the past year they have taken steps to improve the sharing of...

BoE speaks on future of RTGS service

Victoria Cleland, Executive Director of Payments at the BoE, has given a speech on the Future Roadmap for BoE’s Real Time Gross Settlement (RTGS) service, at FinTech Connect. The BoE published a discussion paper...

FCA updates perimeter report

The FCA has updated its Perimeter Report. The report highlights the FCA’s remit and powers, including the new Designated Activities Regime, and then lists the key areas of harm linked to the perimeter and some key...

FOS notes huge increase in complaints

The latest figures from the FOS show complaints have increased by over 50%, with record increases in complaints about frauds and scams, current accounts and credit cards. The FOS also noted in particular an increasing...

FCA reacts to Mansion House speech

The FCA has reacted to several announcements from the Mansion House speech. It has reiterated that it is committed to supporting growth and says it has fully embraced its secondary international competitiveness and...

CoP takes wider effect

From 31 October, the expanded roll out of Confirmation of Payee now means that 99% of all transactions made through Faster Payments and CHAPs are within scope, as the PSR’s SD17 took effect. The initial grouping...

FCA updates regulatory initiatives grid

The FCA has published an interim update on its Regulatory Initiatives Grid. It had postponed the scheduled 8th edition because of the election and says that the replanning required as a result means that there...

FCA consults on payments safeguarding reform

The FCA is consulting on radical changes to the safeguarding rules for payment and e-money firms, to bring the requirements within a CASS style regime and in the interim while this transition takes place strengthen the...

PSR publishes Annual Report

The PSR annual report for 2023/24 unsurprisingly highlights the regulator’s activities in relation to APP fraud and open banking. It notes: publication of the first set of APP fraud statistics; steps to...

PSR responds on VRP expansion

The PSR has followed up on its December call for views on how it could support expansion of Variable Recurring Payments to regulated financial and utilities services and to local and central government. Generally, there...

PSR publishes APP scams performance report

The PSR has published the APP scams performance report for 2023. Highlights from the report show: over 250,000 reports were made in 2023, with scams totalling over £340m; reimbursement rates have increased while fraud...

PSR confirms APP reimbursement requirements

The PSR has published its policy statement confirming the requirements for the mandatory APP scams reimbursement policy which takes effect on 7 October 2024. The PSR consulted in April on proposed reporting requirements...

Chris Hemsley to leave PSR

Chris Hemsley is standing down as managing director of the PSR from 7 June to take up another position. David Geale will take over as interim managing director, having been director of retail banking at the FCA and...

UK Finance annual fraud report 2024

UK Finance has published its annual fraud report for 2024 which sets out the amount of payment fraud and scams UK Finance members reported in 2023. Highlights include: criminals stole £1.17 billion through unauthorised...

PSR updates on preventing APP fraud

Chris Hemsley has written to Dame Harriett Baldwin MP (Chair of the House of Commons Treasury Committee) on the PSR’s progress on implementing measures to better protect consumers from APP scams. From 7 October...

PSR consults on supervisory approach

The PSR is seeking views on its approach to supervision. Last year, it set up a Supervision and Compliance Monitoring division, designed to deter and challenge any poor practices within firms. It plans for the division...

PSD3 nears final agreement

The European Parliament has voted through proposed changes to the Payment Services Regulation and Directive by a large majority. Key changes include: free verification of identifiers and requirements on PSPs to ensure...

BoE updates on ISO 20022

Following the successful migration of the CHAPS system to the ISO 20022 payments messaging standard in June 2023, BoE has published a policy statement providing further clarity on the mandatory requirements for ISO...

PSR publishes Annual Plan

The PSR has published its Annual Plan and Budget for 2024/25, highlighting the year as a key period for consolidating the delivery of its work to improve payment services for businesses and consumers in the UK. One...

FCA updates perimeter report

The FCA has updated its Perimeter Report on its website.  It was last updated in March 2023. Among the issues discussed are: FCA’s general approach to the perimeter; when it will take action against unauthorised...

PSR calls for evidence on LINK requirements

The PSR has published a call for views on its second annual review of Specific Direction 12, which is aimed at ensuring that LINK keeps a good geographical spread of free-to-use cash machines, and has appropriate and...

PSR speaks on the future

Chris Hemsley, speaking at the Pay360 conference, looked at how far payments innovation has come this century, and spoke of some challenges for the future. He focused on: the important role of a Payment System Operator...

Treasury announces National Payments Vision

Following the publication of the Future of Payments Review, Treasury has accepted the recommendation to publish a National Payments Vision. The Vision will constitute the government’s full response to the Future...

FCA issues supervisory notice under PSRs

FCA has published a First Supervisory Notice against an API (EPayPro), setting out its decision to very the firm’s authorisation so as to restrict it from charging a “compliance” or any other fee that...

FCA improves service metrics

FCA’s latest set of authorisations metrics, covering the quarter to December 2023, shows 9 green metrics, 6 amber and no red. It determined 97.8% of applications overall within the statutory deadlines. No areas...

Pay.uk responds on VRP expansion

Pay.uk has responded to PSR’s proposal to expand variable recurring payments. In principle, it supports a multilateral agreement as the best way to deal with expansion, and says it has the appropriate expertise to...