Since our last publication, the head of the Payment Systems Regulator has discussed innovation, the PSF, PSD2 and Open Banking. In other news, the CMA has published the final report on its market study into digital comparison tools.
PSR head of policy discusses innovation, the PSF, PSD2 and Open Banking
Unprecedented technological change, customer willingness to try new options, and the government and regulatory desire to do things differently are creating a perfect storm to transform UK payments, the head of policy at the Payment Systems Regulator (PSR), Paul Smith, has said. Mr Smith discussed the establishment and strategy of the Payments Strategy Forum (PSF), the new payments architecture, the Payment Services Directive (PSD2), and Open Banking, saying that a joined-up, collaborative approach across the sector was key.
PSR, 27 September 2017
CMA publishes final report on market study into digital comparison tools
The Competition and Markets Authority has published the final report on its market study into digital comparison tools. Digital comparison tools, such as price comparison websites, are an important tool in the financial services sector, and can increase competition or offer significant benefits to consumers. CMA, 26 September 2017
Third FCA consultation paper on implementing IDD
On 25 September 2017, the FCA published its third consultation paper on implementing the Insurance Distribution Directive ((EU) 2016/97) (IDD) (CP17/33). CP17/33 contains the FCA's final proposals on how it plans to implement the IDD. It covers the FCA's approach to updating its Handbook to reflect the requirements of the level 2 IDD delegated acts and includes proposals where appropriate for alignment with MiFID II standards. It also includes the FCA's proposals relating to areas within HM Treasury’s February 2017 consultation on transposing the IDD.
FCA, 25 September 2017
FCA policy statement on first consultation paper on IDD implementation
On 25 September 2017, the FCA published a policy statement on implementing the Insurance Distribution Directive (2016/97/EU) (IDD) (PS17/21). PS17/21 sets out the FCA's response to feedback received on its first consultation on the implementation of the IDD (CP17/7).
FCA, 25 September 2017
UK Financial Policy Committee statement summarising recent work on consumer credit lending
On 25 September 2017, the UK Financial Policy Committee (FPC) published its statement summarising recent work looking at consumer credit lending. The FPC identified a pocket of risk in the rapid growth of consumer credit and responded to this risk by accelerating its analysis of credit losses that banks could incur in the recession encapsulated in the 2017 annual stress test scenario.
FPC, 25 September 2017
FCA occasional paper on ageing population and financial services
The FCA has published an occasional paper looking at the impact of an ageing population on financial services. The Paper provides an overview of who older consumers are, how they make decisions, what products and services they need and whether they are able to access them. It identifies particular issues and access barriers that are more relevant for older consumers.
FCA, 21 September 2017
EU EBA final guidelines on internal governance under CRD IV
The EBA has published its final guidelines on internal governance under the CRD IV Directive, as was required under Article 74(3). The requirement stipulated that they develop guidelines on internal governance arrangements, processes and mechanisms that credit institutions and investment firms must implement to ensure effective and prudential management. EBA, 26 September 2017
Joint Committee of the ESAs final guidelines under revised Wire Transfer Regulation
The Joint Committee of the ESAs has published final guidelines on the measures payment service providers should take to detect missing or incomplete information on the payer or payee, and the procedures they should put in place to manage a transfer of funds lacking the required information.
EBA, 22 September 2017