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The "United Kingdom (UK) Cards and Payments Opportunities and Risks to 2024" report has been added to ResearchAndMarkets.com's offering. The report provides detailed analysis of market trends in the
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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.
Contents
APP scams: PSR call for views
Consumer protection in interbank payments: PSR call for views
Consumer Research 2020: PSR summary report
New Payments Architecture: PSR CP21/2
The UK Payment Systems Regulator (PSR) has published a consultation paper, CP21/2, on the options for reducing risks to the successful delivery of the New Payments Architecture (NPA). It has also published responses to its January 2020 call for input on competition and innovation in the NPA.
United Kingdom: HM Treasury consults on regulatory approach to cryptoassets and stablecoins
On 7 January 2021 HM Treasury (HMT) published a combined consultation paper and call for evidence on the regulatory approach to cryptoassets and stablecoins.
In outline, the consultation proposes:
A policy approach that would involve specific requirements being implemented by independent regulators (e.g. via rules or codes of practice) within a wider framework of objectives and considerations set out by HMT.
Expansion of the regulatory perimeter, with the introduction of a regulatory framework for “stable tokens” (i.e. tokens which maintain a stable value by referencing asset(s)), drawing on existing e-money and payments legislation. The FCA would authorise and supervise relevant entities carrying out certain activities in the UK. A stable token arrangement could also be subject to Payment Systems Regulator (PSR) and Bank of England regulation under certain circumstances.
January 28, 2021, 12:04 am
Halifax was a big ‘winner’ among current account customers looking to switch in the third quarter of 2020 (Nick Ansell/PA)
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Current account switching levels are on the increase, with around 52,000 more deals switched in the last three months of 2020 than in the previous quarter.
Some 189,273 switches took place between October and December – 52,698 more than in the previous three months, figures from the Current Account Switch Service (Cass) show.