To embed, copy and paste the code into your website or blog:
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.
Contents
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:
FCA Q1 2021 financial promotions quarterly data
On 6 April, the FCA published its first financial promotions quarterly data showing the number of financial promotions that have been amended or withdrawn due to non-compliance with its rules in Q1 2021. The FCA reviewed 441 financial promotions identified through complaints it has received and its own proactive work. 38 cases resulted in 105 promotions being amended or withdrawn. 75% of these amend/withdraw outcomes related to either website or social media promotions. 47% of financial promotions reviewed related to retail lending, 26% to retail investments, and 18% to retail banking.
Financial Guidance and Claims Act 2018 (Commencement No. 7) (Dissolution of the Consumer Financial Education Body) Regulations 2021
Mastercard offers billing with no invoice in U K ; Citi tests cross-border blockchain paymentssource.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from paymentssource.com Daily Mail and Mail on Sunday newspapers.