Surveys and Reports
Regulatory Developments
United Kingdom: FCA publishes feedback statement on Open Finance
Some of the key findings that the FCA draws out in its feedback statement are:
A legislative framework would be needed for open finance to develop fully, both to provide any statutory right to data access and to support a regulatory framework.
In addition to the regulatory framework, the following building blocks would be needed for a sustainable open finance ecosystem to develop – either in support of voluntary adoption or to support future legislation:
consumer protections informed by an ethical framework;
a liability model;
an implementation entity that is funded and governed equitably; and
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Recent regulatory developments focussed on the payments sector. Reports on a BoE update on omnibus accounts for payment systems operators and prefunding accounts, and an LSB blog on APP fraud. See also our Financial institutions general regulatory news of broad relevance in the Related Materials links.
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APP fraud: LSB blog
Omnibus accounts for payment systems operators and prefunding accounts: BoE update
The Bank of England (BoE) has updated its webpage on payment and settlement to add the following new sections to the information provided in relation to accessing and using accounts in the BoE s real-time gross settlement (RTGS) to hold funds and settle payments:
UK Banking: Authorised Push Payment Fraud natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.
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Recent regulatory developments focussed on the payments sector. See also our General Regulatory News of broad relevance in the Related Materials links.
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APP scams: LSB publishes CRM Code review roadmap
Contactless payments: FCA PS21/2 on amendments to single and cumulative transaction thresholds
Following its consultation in CP21/3, the UK Financial Conduct Authority (FCA) has published a policy statement, PS21/2, on amendments to the single and cumulative transaction thresholds for contactless payments.
The FCA summarises the responses it received on proposed changes relating to the contactless payments limits and confirms that it has decided to amend the contactless exemption in Article 11 of its technical standards on strong customer authentication (SCA-RTS) to increase the single transaction threshold for contactless card payments from £45 to £100 and the cumulative transaction threshold from £130 to £
Improving protections for victims of APP fraud – Which? Conversation which.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from which.co.uk Daily Mail and Mail on Sunday newspapers.