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Payments & FinTech Lawyer

Volume: 4 Issue: 11
(November 2010)


The Office of Fair Trading (OFT) released a report on 4 November, outlining competition challenges in the UK retail banking market, and identifying key regulatory and economic obstacles to its development. The consultation preceding the report, launched in May, focused on identifying this market's key features to give a clearer picture of how organisations have adapted to and developed in the post-recession market - and, to a certain extent, to prevent a repeat of the 2007-2010 financial crisis. / read more

The Central Banks of 15 states in southern Africa will complete a pilot project to harmonise the payment infrastructures of the four countries with the 'Rand' currency within two years. / read more

A group of UK Members of Parliament (MPs), headed by Liberal Democrat MP David Ward, has launched a campaign to 'save' the cheque. On 2 November, Ward introduced a Bill that would bring cheques under the consumer protection scope of the Financial Services Authority (FSA) and urged banks to re-think the proposals to abandon the cheque in 2018, introduced by the UK Payments Council (PC) in December 2009. / read more


Canada / read more

Financial services firms often deal with vast amounts of customer personal data, which can often be sensitive personal data such as health information required for insurance purposes, credit information when approving loan products or data on a customer's family or personal circumstances. Such information is often disclosed between firms whether on the sale of a portfolio, as part of an underwriting process or in performing credit checks. Financial services firms are also increasingly global in nature having affiliates, service providers and call centres in different parts of the world and having access to global databases and IT systems. / read more

As near field communications (NFC) technology is increasingly used in the mobile payments sector, questions about intellectual property rights (IPRs) - and how to manage them - are raised. Brett Rowland and Frances Macduff, of Sidley Austin LLP, discuss the value of IPRs and how they should be seen in the further development of NFC payment systems. / read more

The explosion in virtual worlds has raised interesting questions about how taxation should apply. This was a subject that Graeme Nuttall, a Partner at Field Fisher Waterhouse LLP, examined back in April 2007. Andrew Prowse, a Senior Associate at the same firm, revisits these questions and gives an update on the relevant issues. / read more

You wouldn't send a birthday card without signing your name, so why do exactly that when making a payment? The number of consumers and businesses making electronic payments to pay bills will increase over the next decade, as use of paper-based payment methods continues to decline and billers continue to favour more efficient methods for receiving payments. However, in spite of the growing number of electronic payments made using CHAPS, Faster Payments and Bacs, UK businesses lose millions of pounds each year trying to resolve problems caused by customers giving inadequate or incorrect payment information. This can prevent the payment being processed quickly and efficiently. A payment reference, which can normally be found on the payment details of a bill, is crucial when making an electronic payment as it links a payment to the account of the person or organisation that has sent the payment. / read more

The way banking transactions are carried out and the role of delivery channels have changed significantly in the last three years. Since Jerry Silva, Principal at PG Silva Consulting, last wrote for E-Finance & Payments Law & Policy, in April 2007, he examines how previous predictions have played out, and what surprises have occurred since 2007. He examines the strengths, weaknesses, opportunities and threats in the current market. / read more

The UK Financial Services Authority (FSA) recently released a review of the legal framework applicable to financial promotions on the internet - an area where detailed guidelines are necessary to prevent misleading and abusive advertisements. Brian McDonnell, Partner at Olswang LLP, examines the content of the FSA's review and analyses what it means for financial advertising. / read more

Peer-to-peer financing is developing on the internet as a system promoting disintermediated and flexible lending and borrowing. Martin Campbell, Founder and Director of Beacon Strategic, examines how this new model works and discusses what potential problems could threaten its existence, in the absence of any official regulation. / read more

M-Pesa - a Swahili word that directly translates to mobile money - was piloted early in 2007 as an innovation that could help improve loan repayments in the microfinance sector. It then quickly developed into a money transfer solution. / 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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