Tagged: payment systems regulator

UK’s Payment Systems Regulator Confirms Reimbursement Requirement which will Prompt Step-Change in Fraud Prevention

Following consultations over the last few months, the UK’s Payment Systems Regulator regulator confirms its new reimbursement requirement which will “prompt a step-change in fraud prevention and see the vast majority of money lost to APP frauds reimbursed to victims.” The policy statement confirms “that… Read More

UK’s Payment Systems Regulator (PSR) Seeks Views on APP Fraud Reimbursement Limit

The Payment Systems Regulator (PSR) has launched two consultations in the lead up “to the implementation of its new authorised push payment (APP) fraud reimbursement requirements. ” In June, the PSR set out its final position on “tackling APP fraud, which will mean the vast… Read More

New Fraud Refund Mechanism Could Exclude a Quarter of Victims, TSB Warns

TSB is warning that around a quarter (25%) of fraud victims could be “denied reimbursement under the Payment Systems Regulator’s proposed refund mechanism, due to be introduced next year.” TSB claims it has long-campaigned “for higher fraud protections across the banking industry – and in… Read More

UK Payment Systems Regulator (PSR) Sets Out Details for Work on Card Fees

The Payment Systems Regulator (PSR) in the UK has set out its plans showing how it proposes “to carry out two market reviews focusing on card fees.” As noted in the update from PSR, one “looks at scheme and processing fees, and the other at… Read More

UK’s Payment Systems Regulator (PSR) Is Looking into Fees Charged by Visa, Mastercard, Others

The UK’s Payment Systems Regulator (PSR) has reportedly put the card schemes on notice that it is looking into their fees and how to assist merchants with entering better deals, including by promoting the alternative of account-to-account payments. While sharing its plans for 2022/23, the… Read More

UK Fintech Firms Received More Investments than Europe, MENA Combined in Past Year: Report

February has seen “a number of regulatory updates,” as well as more reports of growth within the UK Fintech sector, the team at Banking Circle noted. At Banking Circle, they released their new whitepaper, ‘Payments without Barriers: Focus on Denmark’, examining “the potential from improved… Read More

Payment Systems Regulator in the UK Provisionally Finds Five Service Providers Violated the Law by Engaging in “Cartel Behavior” in the Pre-Paid Cards Sector

The Payments Systems Regulator (PSR) in the UK stated on March 31, 2021 that it “provisionally” finds five firms violated the law by “engaging in cartel behavior” in the pre-paid cards market. As stated in a release, three out of five parties actually admitted liability… Read More

First! Bank of England Approves Transferwise as a Payment Service Provider with Direct Access to UK Payment System

The Bank of England has approved the first non-bank payment service provider to join the UK payment system settling in central bank money. Described as a milestone event for the BoE in accommodating innovation, this is the first Fintech to gain direct accesss. Transferwise is… Read More

UK Payment Systems Regulator Tackles Payment Scams

The Payment Systems Regulator (PSR) has published draft “Terms of Reference” outlining how it intends to review whether the operators of CHAPS (Clearing House Automated Payment System) and Faster Payments Scheme (FPS), need to play an expanded role to reduce consumer harm caused by particular… Read More

Brief: UK Payment Systems Regulator Has New Head of Policy

The Payment Systems Regulator has hired Paul Smith as its new Head of Policy. Smith was previously at the Australian Energy Market Commission (AEMC) where he was the Chief Executive Officer.  He will assume his responsibilities on February 1st. Smith resigned from the AEMC in… Read More

Regulatory Chairs: FCA & PSR Boards Update Committee Members

The Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) have updated the make-up of several important committees including; the FCA’s Regulatory Decisions Committee (RDC) and Competition Decisions Committee and the PSR’s Enforcement Decisions Committee (EDC) and Competition Decisions Committee.   These four committees are make… Read More

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