PSR makes specific direction on switching of facilities management providers
The PSR has published specific direction 7 relating to Direct Debit Facilities Management: Switching Providers. A facilities management (FM) provider is an organisation that collects and administers direct debits on behalf of its clients. The PSR found that under the direct debit rules of BACS Payment Schemes Limited (BPSL), if an FM client wishes to switch FM provider, the existing FM provider can increase the costs and disruption associated with switching by refusing its consent to use the bulk change process to assist a switch. The PSR directs BPSL to provide a complete description of a solution to ensure the FM providers cannot prevent:
- Incoming FM providers from using the bulk change process to help an FM client switch;
- FM clients becoming Bacs service users or wishing to switch to new FM providers from using the bulk change process to help them switch away from the incumbent FM providers.
The specific direction came into force on 30 January 2018.
PSR, 15 February 2018
FCA call for input on using technology to achieve smarter regulatory reporting
The FCA has published a call for input on how technology can be used to make it easier for firms to meet their regulatory reporting requirements and improve the quality of the information they provide. The call for input outlines how a proof of concept was developed in November 2017 and asks for views on how the FCA can improve the process. The proof of concept could make regulatory reporting requirements machine-readable and executable. The call for input also seeks feedback on broader issues surrounding the role technology in regulatory reporting. The call for input is open to comments until 20 June 2018. The FCA will publish a feedback statement in summer 2018, bringing together the results of roundtable and further industry discussions, as well as feedback from the call for input.
FCA, 20 February 2018
Investment Association to launch velocity - A FinTech accelerator for asset management industry
The Investment Association (IA) has announced that it will be launching a specialist FinTech accelerator for the asset management industry. The new accelerator named VeloCity, will bring together FinTech firms with market-viable technology tailored to the asset management sector, supported by industry practitioners. The accelerator will welcome two cohorts a year of four to eight FinTech firms, with the first arriving in Q2 2018.
Investment Association, 19 February 2018
FCA and CFTC sign FinTech innovation collaboration agreement
The FCA and the US Commodity Futures Trading Commission (CFTC) have signed an arrangement that commits the regulators to collaborating and supporting innovative firms through each other’s financial technology (FinTech) initiatives. The arrangement focuses on information-sharing market trends and developments. It also facilitates referrals of FinTech companies interested in entering the others’ market, and information sharing derived from each authority.
FCA, 19 February 2018
CPMI report on cross-border retail payments
The Committee on Payments and Market Infrastructures (CPMI) has published a report on retail payments that are sent from one national jurisdiction to another. The report explores the challenges affecting the cross-border retail payments market. It is based on a detailed analysis of the market and a survey of around 100 providers of cross-border retail payment services. The CPMI also held workshops with stakeholders from the supply and the demand sides of the market.
CPMI, 16 February 2018
Commission responds to EBA concerns regarding PSD2 technical standards
The European Banking Authority (EBA) has published a letter from Olivier Guersent of the European Commission to Andrea Erina, EBA chair, regarding changes that the Commission made to the EBA's regulatory technical standards (RTS) on strong customer authentication and common and secure open standards of communication under the revised Payment Services Directive (PSD2).
EBS, 16 February 2018
BCBS sound practices on implications of FinTech for banks and bank supervisors
The Basel Committee on Banking Supervision has published a report looking at the sound practices on the implications of FinTech for banks and bank supervisors assessing how technology-driven technology in financial services or fintech may affect the banking industry and the activities of supervisors in the near to medium term.
BCBS, 19 February 2018
ECB speech on European retail payments developments
The European Central Bank has published a speech by Yves Mersch, Member of the ECB executive board member, on European retail payments markets developments. Yves Mersch has called on the industry to develop end-user solutions that will allow consumers and business to enjoy the benefits of instant payments in any payment situation, in addition to cash. Further issues considered by Mr Mersch include: Instant payments, point-of-sale payments, E-commerce and security.
ECB, 15 February 2018