UK payments regulation, open banking, FCA, PSR, scheme governance
In short: The Bank of England’s RPIB consultation response, published on 4 November 2026, reports 121 responses on the design of the UK’s next-generation retail payments infrastructure. The Retail Payments Infrastructure Board proposes a single modular core on an ISO 20022 baseline, with settlement in central bank money, and will hand its Blueprint to the…
Energy smart data under the DUAA: DESNZ’s proposals compared with telecoms, water, road fuel and open banking, through the potential consumer detriment in each market.
In short: Under the NFC access conduct requirement that the Competition and Markets Authority (CMA) proposed on 20 October 2026, Apple would have to open the iPhone’s contactless chip to other apps, including for account-to-account payments, on fair and reasonable terms. For a payment initiation provider, the fee structure and the security evidence Apple may…
In short: When an authorised payment or e-money institution intends to outsource an operational function relating to its payment services to an AI supplier, it must tell the Financial Conduct Authority (FCA) about the AI outsourcing in advance, and it must report any later change in the function or the supplier without undue delay. From…
In short: an unauthorised payment refund cannot be withheld because the bank thinks the customer was grossly negligent. The Court of Justice of the European Union held on 15 October 2026 that the payer’s provider must refund by the end of the next business day, and may recover the loss later only if it proves…
In short: Where an app provider is an e-money agent or distributor of an e-money institution, the institution must handle the users’ complaints, and an eligible user can take them to the Financial Ombudsman Service. Where the app provider is a separate regulated firm, the app provider must handle them, and the Ombudsman can hear…
In short: payment firms bear the cost of scam reimbursement in the UK, and the platforms and networks where scams begin do not contribute. Since 7 October 2024 the sending and receiving payment service providers split each authorised push payment (APP) scam refund 50:50, up to £85,000. Under the EU’s agreed Payment Services Regulation an…
In short: HM Treasury asked 42 questions on reforming the Payment Services Regulations 2017, the Electronic Money Regulations 2011 and Open Banking in its Modernising Payment Services Regulation consultation, which closed on 6 October 2026. The Retail Payments Infrastructure Board, chaired by the Bank of England, asked 18 questions on the design of the next-generation…
In short: FCA crypto authorisation applications open at 9am on 30 September 2026 and the application window closes at 11.59pm on 28 February 2027. Handbook Notice 144 fixes the price of applying: one fee where a firm also seeks MLR registration, £11,260 to issue a qualifying stablecoin, and 2028/29 fees and Ombudsman levy set from…
In short: Consumer Duty vulnerable customers obligations apply to a payment service provider or an e-money institution carrying on retail market business under PRIN 3.2.6R, and they apply whether or not the customer is that firm’s own client. The Financial Conduct Authority published good and poor practice findings for payments firms on 17 September 2026….
In short: section 60A Competition Act 1998 obliges a UK court, the CMA and the concurrent regulators to have regard to European Commission statements made before Brexit implementation period (IP) completion day (31 December 2020) and not subsequently withdrawn. At paragraph 246 of its Guidelines of 3 September 2026 the Commission withdrew its prior 2009…
In short: the Bailey Mansion House speech of 14 July 2026 links growth to regulatory design. Andrew Bailey applies that test to bank capital, tokenised money and AI. The Bank’s test for new forms of sterling is whether they preserve nominal value and settlement finality. Two consultations have since closed: the Retail Payments Infrastructure Board…