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UK

First non-bank payment service provider joins UK payment system settling in central bank money

The Bank of England has announced that the first non-bank payment service provider (PSP) has joined a UK payment system settling in central bank money. The PSP in question is TransferWise, which is regulated by the FCA. It became a direct participant in the UK's Faster Payments system on 13 April 2018.

Bank of England, 18 April 2018.

HM Treasury consults on secondary regulations relating to claims management regulation

HM Treasury published a consultation on draft secondary regulations relating to claims management regulation.

The consultation seeks comments on draft regulations that will enable the transfer of claims management regulation to the FCA, with a focus on the scope of that regulation. The consultation also seeks comments on the design of a temporary permissions regime to help firms adapt to the FCA regime.

HMRC, 23 April 2018.

New US-UK financial regulatory working group

HM Treasury has published a joint statement with the US Treasury Department on the formation of a new 'official-led' financial regulatory working group. Its aim is to further the promotion of financial stability, investor protection, fair, orderly efficient markets, and capital formation in both countries. Its general operational objective is to improve transparency, reduce uncertainty, identify potential cross-border implementation issues, avoid regulatory arbitrage and work towards compatibility.

HM Treasury, 19 April 2018.

FCA complaints data for second half of 2017

The FCA has released data showing the number of complaints about financial services firms. It shows that complaints about payments protection insurance (PPI) drove a 13% increase in the number of complaints made to financial services firms in the second half of 2017.

FCA, 19 April 2018.