Payment Services

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EBA consults on procedures for complaints of alleged infringements of the PSD2

The European Banking Authority (EBA) launched today a public consultation on its draft Guidelines on the complaints procedures to be taken into consideration by competent authorities (CAs) to ensure and monitor effective compliance by payment service providers (PSPs) of the revised Payment Services Directive (PSD2). These draft Guidelines are part of the EBA’s work to …

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EBA publishes final draft technical standards on cooperation and exchange of information for passporting under PSD2

The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) specifying the framework for cooperation and exchange of information between Competent Authorities for passport notifications under the revised Payment Services Directive (PSD2). The technical standards will ensure that information about payment institutions and e-money institutions that carry out business in one …

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EBA consults on Guidelines on major incidents reporting under PSD2

The European Banking Authority (EBA) launched today a consultation on its draft Guidelines developed in close cooperation with the European Central Bank (ECB) under the revised Payment Services Directive (PSD2). The draft Guidelines specify (i) the criteria for classifying operational or security incidents as major, (ii) the template to be used by payment service providers …

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EBA consults on Guidelines on professional indemnity insurance or comparable guarantee for payment initiation and account information services providers

The European Banking Authority (EBA) launched today a consultation on its draft Guidelines on the criteria Competent Authorities should consider when stipulating the minimum monetary amount of the professional indemnity insurance (PII) or comparable guarantee for payment initiation and account information service providers under the revised Payment Service Directive (PSD2). The consultation runs until 30 …

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EBA consults on technical standards on fee terminology and disclosure documents under the Payment Accounts Directive

The European Banking Authority (EBA) published today a consultation paper on draft technical standards setting out the standardised terminology for services linked to a payment account, the standardised format and common symbol of both the fee information document (FID) and the statement of fees (SoF). These technical standards are aimed at enhancing the comparability of …

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EBA consults on strong customer authentication and secure communications under PSD2

The European Banking Authority (EBA) published today a Consultation Paper on draft technical standards on strong customer authentication and common and secure communication under the revised Payment Services Directive (PSD2). These technical standards will ensure appropriate levels of security, while at the same time maintaining fair competition between all payment service providers and allowing for …

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FCA provides update on Payment Protection Insurance

The Financial Conduct Authority (FCA) has today confirmed that it believes that, overall, the package of proposals on payment protection insurance (PPI) complaints laid out in its November 2015 consultation should be taken forward. This package includes imposing a deadline for making new PPI complaints and launching a consumer communications campaign to raise awareness of …

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FCA advises on Payment Accounts Regulations

The FCA today published PS16/20: Payment Accounts Regulations 2015 – feedback on CP16/7, final Handbook changes and finalised guidance. In this Policy Statement the FCA summarises the feedback it received to Consultation Paper 16/7: Payment Accounts Regulations 2015 – draft Handbook changes and draft guidance. The regulator also published the final Handbook changes and the finalised guidance. The Payment Accounts …

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EBA publishes technical standards on separation of payment card schemes and processing entities

The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) specifying the requirements with which payment card schemes and processing entities must comply to ensure the independence of their accounting, organisation, and decision-making processes. These final draft RTS aim at facilitating greater competition among processing services providers, supporting the general objective …

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UK regulators review framework for payment systems

The Bank of England, the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have reviewed the Memorandum of Understanding (MoU) that sets out the high-level framework the Authorities use to cooperate with one another in relation to payment systems in the UK. The Financial Services (Banking Reform Act) …

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