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Payments & FinTech Lawyer

Volume: 5 Issue: 7
(July 2011)


The UK Office of Fair Trading (OFT) has revealed it will 'take action' if travel companies do not put an end to so-called 'drip-pricing', a practice whereby extra fees are piled onto the price of a good or service purchased online. / read more

The Federal Reserve Board (Fed) - the US Central Bank - issued on 29 June its final ruling on debit card interchange fees, as part of proposals put forward in the Dodd-Frank Act. / read more

South Korea's largest credit card firm, BC Card, is considering taking legal action against payment processor Visa, Chinese press agency Xinhua reported on 27 June. / read more


New Zealand
US / read more

The European Parliament adopted the Consumer Rights Directive ('the Directive') on 23 June 2011, nearly three years after the European Commission proposed it, in October 2008. Formal approval of the agreed text of the Directive by the Council is expected this September. Once published in the EU's Official Journal (this autumn), the Directive is required to be implemented in the Member States by the end of 2013. The Directive updates and merges two existing Directives (the Doorstep Selling Directive 85/577/EEC and the Distance Selling Directive 97/7/EC) and applies to 'off-premises contracts' (known as doorstep contracts) and 'distance contracts' (broadly, contracts concluded through the internet, telephone or fax) between a merchant and a consumer. / read more

Since the European mobile payments market is growing and maturing rapidly, there have been calls for the market to be regulated at European-level. Gerard Hartsink and Dag-Inge Flatraaker, of the European Payments Council (EPC), explains why there should be common standards for mobile payments in Europe so a sustainable mobile contactless payments ecosystem can be established, and give an overview of what has been achieved so far. / read more

The mis-selling of payment protection insurance (PPI) has been on the Financial Services Authority's (FSA) radar for a number of years. This supervisory focus recently came to a head when the British Banking Association (BBA) brought a High Court challenge to the legal validity of the FSA's policy statement, dealing with the assessment and redress of PPI complaints. When judgment was handed down in favour of the FSA, in April of this year, the BBA and supporting banks announced that they did not intend to appeal. In the aftermath of this decision, Suzanne MacDonald, Partner at TLT Solicitors, examines how the PPI 'scandal' came to be, and what recent developments indicate life in the industry holds after PPI. / read more

In the US, the regulation of money transmission has occurred primarily at state-level - nearly all of the 50 states require the licensing of non-bank money transmitters. At the federal-level, money transmitters have been required to register with the Financial Crimes Enforcement Network of the US Treasury Department and to comply with federal anti-money laundering requirements. However, federal law has been virtually devoid of consumer protection standards (other than general prohibitions against unfair and deceptive practices) applicable to money transmission activities, unless those activities involve transfers to or from a consumer asset account at a financial institution subject to the federal Electronic Fund Transfer Act (EFTA), as David E. Teitelbaum and Ryan H. Rogers, of Sidley Austin LLP, discuss. / read more

Whilst in most European countries mobile payments are still in their pilot stage, the UK has now started to put plans into action; Barclaycard and network operator Orange UK have announced the roll-out of a national mobile payment service, called Quick Tap this summer. This will allow consumers to use their handset to pay for transactions at a large number of retail locations. Possibly of more importance - the 2012 London Olympics and Paralympics will be used as a testing ground for mass-market mobile payments adoption. Additionally the recent launch of a joint venture in the UK between a number of telecom companies to fast-track m-payments processing could mean a breakthrough for contactless mobile payments, as Carlo R.W. de Meijer and Jonathan Bye, of the Royal Bank of Scotland, discuss in this article. / read more

In accordance with its Article 13, the first review of the Agreement between the EU and the US on the processing and transfer of financial messaging data from the EU to the US for the purposes of the Terrorist Finance Tracking Program (TFTP) took place six month after the entry into force of the Agreement on the 1 August 2010. Claire Gayrel, from the CRIDS Institute at the University of Namur, in Belgium, and Romain Robert, Attorney at DeWolf & Partners, examine the content of the review and discuss its implications. / 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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