UK payments regulation, open banking, FCA, PSR, scheme governance
In short: UK payment firms reimbursed £173 million to APP fraud victims in year one of the PSR’s mandatory regime under Specific Direction 20. The payments sector bears all reimbursement costs, but APP fraud originates across telecoms, social media and messaging platforms. The Q2 2026 FCA/PSR review will consider whether the current single-sector liability model…
From 15 July 2026, BNPL firms must hold FCA authorisation or rely on the Temporary Permissions Regime. What PS26/1 and SI 2025/859 require now.
The FCA supplementary safeguarding regime under CASS 15 takes effect on 7 May 2026. This compliance checklist covers the operational requirements for payment institutions and e-money institutions: daily reconciliation, monthly reporting, annual audit, resolution packs and third-party due diligence.
The PSR FCA consolidation transfers all PSR functions to the FCA. What changes for payment service providers, scheme participants, and payment system operators.
The FCA and PSR regulate UK payment services, payment systems and electronic money. Guide to authorisation, enforcement powers and the PSR consolidation.
Agentic AI payments raise an unresolved question in UK payments law: can an AI agent give valid consent under PSRs 2017 Reg 67? Analysis of the regulatory gap and what it means for fintechs and payment institutions.
FCA safeguarding reform is now weeks away from taking effect. The FCA published its Payments Regulatory Priorities report on 25 March 2026, confirming that keeping customers’ money safe remains its primary concern for the payments sector. The message to payment institutions and electronic money institutions is direct: the Safeguarding Supplementary Regime takes effect on 7…
On 26 February 2026, the Payments Vision Delivery Committee published the Payments Forward Plan, the first coordinated regulatory roadmap for UK payments since the National Payments Vision in November 2024. The Plan sets out what the Bank of England, the FCA, the PSR and HM Treasury intend to do across retail payments, wholesale payments and…
The EU agreed PSD3 and the Payment Services Regulation in November 2025, overhauling fraud liability, open banking and e-money rules. The UK is not bound by PSD3, but its own payments reform is heading in a similar direction. What firms operating across both regimes need to know.
To all my readers, thank you and goodbye. This blog is now an ex-blog.
This article was published in March 2015 and reflects the regulatory position at that time. For current guidance on this topic, contact Bratby Law or see our latest insights. Myanmar is currently largely a cash economy. In this post we consider the types of mobile banking and payments solutions we predict will first gain traction…
This article was published in September 2014 and reflects the regulatory position at that time. For current guidance on this topic, contact Bratby Law or see our latest insights. On Friday 5 September, the Monetary Authority of Singapore (which regulates financial institutions in Singapore) published a consultation on revising its existing guidelines on outsourcing. Responses…