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Regulatory Developments
United Kingdom: Financial Services Act 2021 becomes law
On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as a ‘major milestone in shaping a regulatory framework for UK financial services outside of the EU.’ The Act makes significant amendments to key legislation, including the Financial Services and Markets Act 2000 (FSMA) and onshored EU financial services regulation.
Sections of particular relevance include the following:
Section 29 requires the FCA to consult on whether it should make rules providing that authorised persons owe a duty of care to consumers. The consultation was launched on 14 May 2021 (see the separate item below). The FCA must publish the results of its analysis before 1 January 2022 and make final rules by 1 August 2022;
The PayNow-PromptPay linkage will allow customers of participating banks to transfer funds of up to $1,000 or 25,000 baht (S$1,060) daily across the two countries. - BANGKOKBANK.COM
SINGAPORE (The Straits Times/ANN): The local PayNow system that lets individuals transfer money using just a mobile number will be linked to Thailand s PromptPay version on Thursday (April 29), the Monetary Authority of Singapore (MAS) and Bank of Thailand (BOT) said in a joint statement.
The linkage between the two countries national fast payment systems is the first of its kind in the world, they said.
Three of Singapore’s 12 PayNow banks are participating in the scheme DBS Bank, OCBC Bank and UOB together with four banks in Thailand Bangkok Bank, Kasikorn Bank, Krung Thai Bank and Siam Commercial Bank.
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