INNOVATE. EDUCATE. ACCELERATE. Tackling fraud and money laundering head on through industry collaboration and adopting new technology. Financial Crime 360 is a conference and exhibition that helps the full finance
This is a 90-minute virtual roundtable focused on the FCA’s new safeguarding consultation launched in September 2024 – you can find the consultation paper here – https://www.fca.org.uk/publication/consultation/cp24-20.pdf This session will
The PAY360 Awards celebrates innovation and collaboration by recognising companies that have made significant advances in how we pay today. Now in its 19th year, The PAY360 Awards is
We are delighted to provide you with another session to engage directly with the regulator. Join the FCA and TPA policy team on September 27th between 11.00 – 12.00 BST.
The Consumer Duty guidelines are intended to set a high standard of care that firms must give to their retail customers with an outcomes-based approach it is meant to allow
We are delighted to provide you with another session to engage directly with the regulator. Join the FCA and TPA policy team on July 4th between 15.00 – 16.00 GMT+1.
The Payment Systems Regulator (PSR) highlights the need for improved governance and collaboration to drive innovation and address regulatory challenges in the UK’s payments industry
The UK Financial Conduct Authority issued a supervisory notice to EPayPro UK Limited, stressing the need for fairness and transparency in fee introductions, following EPayPro’s non-compliant rollout of a new compliance fee
Conversations around a digital pound are growing louder as the weeks roll by. With use cases popping up around the globe, is it time Britain followed suit? In a similar fashion to the way coins largely made way for banknotes, digital currency is the next natural progression in the evolution of money, whether consumers like the idea of it or not.
Since 2019, the UK’s banking sector has been refunding customers who become victims of authorised push payment (APP) scams, causing heated debate among industry professionals who believe the responsibility should lie elsewhere.
This year, rules laid out by the Payment Systems Regulator (PSR) in 2023 will come into force. The rules stipulate that both the sending and receiving firms should hold equal liability when reimbursing fraud victims in most cases. The rules have received widespread criticism from insiders and industry bodies alike. UK Finance has hit out at the PSR’s rules, which avoid the mention of Big Tech in the conversation.
In 2021, the Financial Conduct Authority (FCA) Business Plan made clear its intent to apply a more intensive assessment with greater scrutiny of financial information and business models. This is being particularly felt in the payments space.
There is an increasing need for enhanced data sharing in the payments industry to combat the rising threat of financial crime, specifically money laundering and online-enabled fraud.
Andrew Novoselsky, Chief Product Officer at SumSub explores why Payment fraud poses a substantial challenge to the payments industry, and why its severity is anticipated to escalate in the coming years.
The Payments Association welcomes the opportunity to contribute to the FCA Discussion Paper “Regulating cryptoassets Phase 1: Stablecoins”. The community’s response contained in this paper reflects views expressed by our
On 30 October 2023, HM Treasury (HMT) issued its long-awaited policy document on the regulation of fiat-backed stablecoins in the UK. Framed as “Phase 1” of the UK’s approach to cryptoasset regulation, HMT’s paper was quickly followed by discussion papers from the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England (BOE) on the future regulatory approach to such stablecoins.
Although there are a number of steps to go before the stablecoin regime comes into effect (with implementation anticipated in 2025), the 2023 papers give helpful insights into the direction of the new regime.
INNOVATE. EDUCATE. ACCELERATE. Tackling fraud and money laundering head on through industry collaboration and adopting new technology. Financial Crime 360 is a conference and exhibition that helps the full finance
In recent years, the UK has been keen on positioning itself as a global crypto asset hub, however it’s currently facing critical obstacles which are hindering its effort.
The UK holds a strong position in the rapidly developing fintech and digital payments world, but experts are divided over whether this will lead to a major breakthrough next year.
On 8 October 2023, detailed new rules on the financial promotion of cryptoassets came into force in the UK, representing the very first set of conduct rules to apply to the crypto industry.
The Bank of England (BoE) and the Financial Conduct Authority (FCA) have taken a significant step in addressing the rapid growth of stablecoins and related payment services in the financial sector by publishing its proposed regulatory regime.
The FCA recently published its latest guidance on detecting and preventing money mules. This came off the back of the national Economic Crime Plan 2 and Fraud Strategy that has been introduced to focus on disrupting money mule activity.
The PAY360 Awards celebrates innovation and collaboration by recognising companies that have made significant advances in how we pay today. Now in its 18th year, The PAY360 Awards is the
With purpose-built regulation set to come into force in the EU next year, can the UK catch-up and offer clear guidance for crypto and stablecoin issuers.
The Financial Conduct Authority (FCA) has issued a final warning to cryptoasset firms involved in marketing their services to UK consumers, including those based overseas.
On Thursday last week, The Payments Association presented the launch of its latest report ‘Navigating the rising cost of living: Payments innovation as a game-changer’ at Parliament to a range of representatives from the House of Commons, House of Lords, and industry bodies including…the HMT, the FCA, BoE and the PSR.
Latest data shows that the regulator’s authorisation of payments and e-money firms is lagging so far behind, it’s rated red against statutory targets.
The Payments Association welcomes the opportunity to contribute to the FCA Consultation Paper “GC23/1 Cryptoasset financial promotions: Guidance for firms”. The community’s response contained in this paper reflects views expressed
Representatives from the FCA shared the next steps in regulating crypto assets, secondary legislation and what help it is seeking from industry in a closed-door event with The Payments Association’s members.
INNOVATE. EDUCATE. ACCELERATE. Tackling fraud and money laundering head on through industry collaboration and adopting new technology. Financial Crime 360 is a conference and exhibition that helps the full finance
As the regulatory landscape continues to evolve, is innovation at risk in the fintech space?
The UK’s financial watchdog has warned that e-money firms must undertake a “significant shift in culture and behaviour” if it is to comply with the new Consumer Duty rules, due to come into force in July.
Thank you to the following members who contributed: Abdel Badoui, WEX, Corporate Payments Business Development Director for EMEA Chryssi Chorafa, Founder & CEO, StarLiX Hugh Kingdon, Director, Fintechia Ltd
The Payments Association’s head of policy and government relations Ricardo Tordera takes a look back at the trade body’s key achievements in 2022.
The Payments Association’s Project Regulator working group will continue to engage with the FCA in 2023 to ensure members can thrive in the UK payments market.
The PAY360 Awards (previously the Emerging Payments Awards) celebrates innovation and collaboration by recognising companies that have made significant advances in how we pay today. Now in its 16th year,
The indie rock bank Arcade Fire have a song on their “Neon Bible” album titled “Intervention”. The song begins with crashing chords on a church organ, building up an ominous
The FCA is seeking views on the potential competition impacts of Big Tech firms entering and expanding into the retail financial services sector. The Payments Association will be responding to
Payment firms should be prepared for a higher cost of compliance when the Financial Services and Market Bill enters into force in 2023.
By Paul Marcantonio, Executive Director of ECOMMPAY, an international payment service provider & fintech ecosystem built for business growth Open finance is currently a hot topic in the world of fintech.
Head of Investments, Azariah Nukajam discusses in this blog the Financial Conduct Authority’s improvements to the Appointed Representative regime and its key areas of focus. In August 2022, the Financial Conduct Authority
Rather than building a single global rulebook for payments, regional rulebooks are the better approach in the medium term, according to industry participants.
There may be 12 months to implement the new rules however there is only weeks left to the initial deadline of 31 October 2022, to have a Board approved implementation plan in place to show the FCA, if requested.
This report dives deeper into the topics discussed at the webinar, and while focusing on the payments sector, it contains lessons for all regulated financial services firms. The report assesses the impact of the new Duty on how firms identify and protect customers in vulnerable circumstances and then outlines seven clear steps firms should follow to prepare to meet the demands of an increasingly active regulator.
With more financial decisions now in consumers’ hands, the changing digital landscape and the global economic crisis we are facing it is the time for us to set a higher
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