Global Financial Regulatory Blog

Tag Archives: Payments

UK to Regulate Buy-Now-Pay-Later Market

The Woolard Review emphasises the urgency to bring all BNPL products under FCA supervision and sets out recommendations for the unsecured credit market. By Stuart Davis, Becky Critchley, and Anna Lewis-Martinez The UK government has announced that interest-free buy-now-pay-later (BNPL) credit agreements will be regulated by the FCA. Currently, the BNPL market operates under an … Continue Reading

FCA and PSR Support CMA’s Guidance on Business Cooperation Under Competition Law

The CMA recognises that businesses may need to cooperate to ensure supply of essential products and services during the COVID-19 outbreak. By Rob Moulton, David Little, Gregory Bonné, and Anna Lewis-Martinez On 27 March 2020, the FCA and Payment Systems Regulator (PSR) announced their support for the Competition and Markets Authority’s (CMA’s) guidance on its … Continue Reading

PSD2 & Brexit: EU Card Issuers Must Apply SCA to UK Website Purchases Post-Brexit

European Commission confirms SCA measures should apply to EU consumers purchasing from UK websites in the event of a no-deal Brexit. By Christian F. McDermott, Jagveen S. Tyndall, and Amy Smyth Complex payment processing chains comprise multiple entities operating behind the scenes to support everyday transactions. The strong customer authentication (SCA) requirements introduced by the … Continue Reading

SCA: Storm Clouds Approaching?

Stripe-commissioned report projects that Europe’s online economy risks losing €57 billion when SCA goes into effect on 14 September. By Christian F. McDermott A recent report released by 451 Research and commissioned by Stripe, the online payment processing business, has found poor levels of readiness for the requirements of Strong Customer Authentication (SCA). The report … Continue Reading

Regulators Get Tough on Regulatory Outsourcing Failings

Latest FCA and PRA fines against a retail bank show little tolerance for poor outsourcing systems and controls. By Fiona M. Maclean, Christian F. McDermott, Laura Holden, and Charlotte Collins On 29 May 2019, the FCA and PRA announced that they had fined an independent UK bank for failing to manage its outsourcing arrangements properly … Continue Reading
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