Further to this November 2023 consultation, BoE has published feedback, along with the final Codes of Practice, guidance and the WCD Data Catalogue. These will come into effect for recognised firms following their recognition by HMT as having market significance in respect of their wholesale cash distribution functions and activities, under wholesale cash oversight orders provided for in the new regime.

PSR has published a document that sets out a proposed set of principles that describes regulatory expectations of supervised payment systems operators.  Stakeholders are invited to provide feedback, to be received by 7 June 2024.

JROC has published proposals for the future open banking entity which asks stakeholders to comment on the future entity’s recommended structure, governance and funding for both its interim and longer-term model.  Responses are required by 20 May 2024.

This document sets out proposals for all payment service providers in-scope of the reimbursement requirement policy relating to the Faster Payment Scheme reimbursement rule.  It also sets requirements for how this data must be provided, and how it will be managed.  Responses are required by 28 May 2024.

This policy statement and consultation provides further clarification on previously published mandatory requirements for enhanced data coming into effect in 2025 and 2026. It also seeks views proposals for expanding the mandatory requirements for enhanced data in CHAPS payments from 2027.  Responses are required by 28 June 2024.

PSR has published its Annual Plan and Budget for 2024-25 along with a work plan detailing key activities during 2024/25.

This press release notes that the authorities have identified areas for future co-operation and co-ordination, including revisions to the MoU regarding proposed stablecoin regulation, embedding FSMA 2023 reforms as well as further enhancing the sharing of information and data. These will be undertaken during 2024 and beyond.

The following has been published in the Official Journal: Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directives 98/26/EC and (EU) 2015/2366 as regards instant credit transfers in euro.

The Government has announced changes to strengthen the requirements applicable to banks, and other payments service providers, when they intend to terminate a contract for payment services, including the requirement for providers to give at least 90 days’ notice and a sufficiently detailed and specific explanation for the termination.  HMT has published draft legislation for technical checks, alongside an explanatory policy note.  Technical comments on the draft legislation must be received by 14 April 2024.  The Government intends to lay this legislation before Parliament in summer 2024. 

HMT is consulting on draft legislation to allow payment service providers to delay outbound payments processing when there are reasonable grounds to suspect fraud or dishonesty and more time is needed to contact the customer or relevant third parties.  Responses are required by 12 April 2024.  The Government intends to lay this legislation before parliament in summer 2024.