Further to the publication of HMT’s cash access policy statement, FCA notes that it will consult on new rules in due course and ensure they work together with existing branch closures guidance.  Depending on the outcome of the consultation, FCA currently expects that any new rules will have taken effect by summer 2024.

PSR is consulting on the value of the excess and maximum reimbursement level for Faster Payments and has also posed questions on the topic of a maximum reimbursement level for CHAPS on behalf of BoE,.  Responses are required by 12 September 2023.

PSR is consulting on the consumer standard of caution (gross negligence) and the consumer standard of caution guidance for payment services providers.  Responses are required by 12 September 2023.

FCA has now published the minutes of its meeting held on 29 June 2023.  Topics include: the Mortgage Charter; PSR report; the FS Register and s21 FSMA

EBA has published a report on its mystery shopping exercise into personal loans and payment accounts.  EBA highlights that some financial institutions did not provide the required pre-contractual information to consumers.

Further to its July 2022 consultation, HMT has published feedback and set out next steps.  The Government has committed to progressing reforms to both BoE and PSR’s respective statutory perimeters over payments and provides updates concerning FCA/PSR powers over their aspects of retained EU payments law and the remit of the Senior Managers & Certification Regime in relation to payments.

Text of Victoria Cleland’s speech of 19 July 2023 follows in which she discusses the renewal of RTGS.

The SI ensures that FCA has sufficient rulemaking powers, and that PSR has sufficient powers of direction, in relation to their respective areas of retained EU payments legislation.  (Dates in force: 8 September 2023/1 January 2024)

Further to the December 2022 consultation, a feedback statement has been published which confirms the Government’s intention to revoke Part 2 and Schedules 1 and 2 of the Payment Accounts Regulations and hand over responsibility for detailed firm-facing requirements on customer information requirements to FCA.

The review aims to consider how payments are likely to be made in the future and make recommendations on the steps needed to successfully deliver world leading retail payments, further boosting UK fintech competitiveness.  ToR and a call for input have been published, with responses required by 1 September 2023.