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Payments & FinTech Lawyer

Volume: 10 Issue: 3
(March 2016)


The UK’s Financial Conduct Authority (‘FCA’) published its final report on the Financial Advice Market Review (‘FAMR’) on 14 March, carried out jointly with HM Treasury, which states that there is a ‘clear need for intervention by the regulator and the government’ to aid the provision of new and more cost-effective ways of delivering financial advice and guidance. The FAMR sets out recommendations to address concerns relating to the affordability and accessibility of financial advice, which includes recommendations to help firms develop automated ‘robo-advice’ models. / read more

The UK’s Payment Systems Regulator (‘PSR’) published on 25 February an Interim Report on ‘the ownership and competitiveness of infrastructure provision,’ based on its market review so far. The PSR proposes that banks sell part of their stakes in VocaLink, which runs much of the UK’s payments infrastructure, to increase competition and innovation. / read more

The European Central Bank (‘ECB’) published on 20 February a revised oversight framework for retail payment systems (‘RPS’). The new monitoring system is aimed at continuing the smooth running of payment systems, which the ECB states is ‘an important precondition for the central banks’ ability to contribute to financial stability, to implement monetary policy and to maintain public confidence in the currency.’ / read more


The UK Financial Conduct Authority’s (‘FCA’) latest feedback statement (FS16/2) provides for a summary of responses received in relation to its consultation, ‘Call for Input: Regulatory barriers to innovation in digital and mobile solutions,’ which was launched on 17 June 2015. The consultation is based on 45 responses received from a wide variety of organisations such as Vodafone, The Whitechapel Think Tank, Payments UK, Brewin Dolphin, Experian and Deutsche Bank. / read more

The European Commission (‘EC’) recently presented an Action Plan (‘AP’) on counter terrorist financing (‘CTF’). Robert Courtneidge and Charlie Clarence-Smith of Locke Lord LLP provide their opinion on the implications of some of the measures set out within the AP. / read more

Apple Pay launched in China on 18 February through a strategic alliance with China UnionPay. As the biggest bank card association in China, China UnionPay operates an inter-bank transaction settlement system through which the connection and switch between banking systems and the inter-bank, cross-region and cross-border usages of bank cards issued by its associate banks is undertaken. Currently, Apple Pay transactions can only be made via UnionPay QuickPass Point-Of-Sale (‘POS’) terminals in China. Kevin Wang and Lilith Chen of CMS, China discuss Apple Pay’s presence and prospects in China. / read more

The UK’s Payment Systems Regulator (‘PSR’) has published the provisional findings of its market review into the ownership and competitiveness of infrastructure provision; the review launched in March 2015 and the PSR published its Terms of Reference last June. In its provisional findings - the PSR’s Interim Report - the PSR has outlined competition concerns based on the evidence gathered so far, and proposed in particular that as a remedy, Barclays, HSBC, Lloyds, RBS, and Santander should reduce their ownership stakes in VocaLink. Zoë Hare and Kate Johnson of Osborne Clarke discuss the Interim Report. / read more

In February the US Consumer Financial Protection Bureau (‘CFPB’) entered into a Consent Order (‘Order’) with Dwolla, Inc., (‘Dwolla’), an operator of an online payment system that provides a platform for financial transactions. According to the CFPB, Dwolla violated US law by engaging in deceptive acts and practices relating to false representations regarding its data security practices during the period from January 2011 to March 2014. The Order is a sign that another regulator - beyond state Attorney Generals - is actively monitoring how consumers’ financial information is treated. Barrie VanBrackle and Diana Eisner of Manatt, Phelps & Phillips LLP discuss the Order and the lessons to be learned as a result. / read more

On 10 February 2016, Theresa May, the Home Secretary, and Mark Carney, Governor of the Bank of England, announced the launch of a new Joint Fraud Taskforce. The Taskforce has gathered organisations from the public, private and non-profit sectors in the interests of fighting fraud more effectively and raising consumer awareness of the risk of fraud. The foundation of the Taskforce illustrates that the Government believes fraud to be a growing problem that demands a more vigorous response, a response that existing bodies have failed to provide. / read more

The UK Government is to introduce the Innovative Finance ISA (‘IFISA’), which will enable an investor to pay into a tax-free ISA wrapper payments made by a borrower under a loan facilitated by an authorised P2P platform. An individual will be able to lend up to the ISA allowance threshold (currently £15,240). Lucy Frew and Chris Boylan of Kemp Little discuss the IFISA. / read more

The FinTech market in Indonesia has seen significant growth in the last year, as a result of the increase in internet and smartphone usage. However, there are a number of regulatory barriers to FinTech, which threaten the potential benefits that technological disruption of the financial services industry could bring. Hanim Hamzah, Sianti Candra and Bramantyo Pratama of Zico Law explain the recent decision by the Indonesian authorities to issue FinTech-specific regulation and whether this will aid or hinder growth in the sector. / read more

About Payments & FinTech Lawyer

The monthly publication covering legal, regulatory and policy developments relating to the fast-moving payments and FinTech sectors. Key topics include mobile payments, e-money, prepaid and other payment cards, online banking, digital currencies such as Bitcoin, card fraud and other cyber crime, RegTech, robo-advice, P2P lending, and crowdfunding, as well as regulatory regimes such as the Second Payment Services Directive (PSD2), the Payment Accounts Directive, and the Fourth Anti-Money Laundering Directive / read more

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