FCA publishes standardised terms and definitions for payment accounts
The Financial Conduct Authority (FCA) has published the final list of the most representative services linked to a payment account and subject to a fee within the meaning of Regulation 3 of the Payment Accounts Regulations. The move is part of the EU Payment Accounts Directive’s goal to improve the transparency and comparability of fee information in relation to payment accounts for consumers. Firms will be required to use the terminology in this list from 31 October 2018.
FCA, 30 April 2018
PSR sets out expectations of LINK reporting on ATM availability
The Payment Systems Regulator (PSR) has written to LINK outlining its reporting requirements, which includes the information it requires LINK to provide on a monthly basis. The PSR is monitoring the impact of LINK’s 31 January 2018 decision on ATM interchange fees, to ensure communities maintain access to free cash withdrawals.
PSR, 1 May 2018
Consolidation of UK Payment Systems Operators
Operational responsibility for the Bacs and Faster Payments systems has transferred to the New Payment System Operator. This is intended to ensure the continuity of operations of the UK's main payment systems, which are relied on every day for thousands of salaries, benefits, bills, mortgage and other internet and mobile banking payments.
PSR, 1 May 2018
FCA considers the risks of blockchain to consumers and competition
The director of competition at the FCA, Mary Starks, sitting on the panel at the Authority for Consumers and Markets Conference which took place in the Netherlands, made a speech regarding blockchain technology and the potential risks it poses to competition and consumers. The speech considered these risks against the potential promise for improvement of the financial services market using distributed ledger technology, as well as the need to understand more about the technology to ensure that the FCA encourages the promise of it.