UK

Pensions Dashboard project announces FinTech pioneers

Six firms have been chosen as technology development partners on the Pension Dashboard. The project is being managed by the Association of British Insurers on behalf of HM Treasury. The project's aim is to create the first prototype of an online service which will show people all their pension savings together. The prototype is due to be ready for testing in March 2017.

ABI, 21 December 2016

World's first self-service contactless beer pump

Launched by Barclaycard, Pay@Pump lets customers order their drinks on a touchscreen, pay for it with a tap of their contactless cards or NFC-enabled devices, and then, once payment is confirmed, pour their own drinks. It is going to be trialled over Christmas at London's Henry's Café Bar. Barclaycard are aiming for a larger rollout in the New Year.

Barclaycard, 16 December 2016

FSCP research report on online investment and advice services

The Financial Services Consumer Panel (FSCP) has published a research report which assesses online investment and advice services. A position paper has also been published on the consumer experience.

Financial Services Consumer Panel, 16 December 2016

Joint Committee of ESAs: report on automation in financial advice

The Joint Committee of the European Supervisory Authorities' (ESAs) report on automation in financial advice sets out the preliminary conclusions the ESAs have reached, having considered the responses to their December 2015 discussion paper on the subject of automated advice (also referred to as robo-advice).

Joint Committee of the ESA, 16 December 2016

PSR responds to Which?'s authorised push payments super-complaint

The Payment Systems Regulator (PSR) has issued a response to a super-complaint from Which? relating to concerns it has around consumer safeguards in the push payments market. Further to this, the PSR has announced the start of a concerted and coordinated, industry-wide effort to tackle payment scams.

PSR, 16 December 2016

PSOs publish guide on UK's interbank payment schemes

The UK's interbank payments system operators (PSOs) (that is, BACS Payment Schemes Ltd, CHAPS, Cheque and Credit Clearing Company, Faster Payments and LINK) have published a guide on the UK's interbank payment schemes. The guide is intended for use by payments service providers (PSPs) that are considering joining or are thinking of extending more payments services to their customers.

fasterpayments.org.uk, 15 December 2016

Worldwide

Joint Committee of ESAs: discussion paper on use of big data by financial institutions

The Joint Committee of the European Supervisory Authorities (ESAs) has published a discussion paper on the use of big data by financial institutions. In the discussion paper, the ESAs consider the regulatory framework applicable to big data, including data protection requirements, consumer protection requirements, and sectoral financial requirements contained in EU financial legislation, such as the Payment Services Directive, the Mortgage Credit Directive, the Consumer Credit Directive, the Payment Accounts Directive, and the Insurance Distribution Directive.

ESA, 19 December 2016

EBA publishes final draft RTS on PSD2 passport notifications

The European Banking Authority has published final draft regulatory technical standards (RTS) on the framework for cooperation and exchange of information between competent authorities for passport notifications under the revised Payment Services Directive (PSD2). PSD2 entered into force on 12 January 2016 and will apply from 13 January 2018.

EBA, 14 December 2016