Recent regulatory developments of interest to financial institutions generally.
- Download the full regulatory news bulletin
- APP scams voluntary code: UK Finance announces further extension
- Regulation on payments statistics: ECB consults on amendments
UK Finance has announced that the interim funding arrangement to pay compensation to victims of authorised push payment (APP) scams in situations where both the customer and their bank have met the standards expected of them under the APP scams voluntary code is being extended to 31 December 2020.
The payment service providers that have provided the interim funding since the code launched on 28 May 2019 have agreed to continue doing so until the end of this year to allow more time for regulators, government and industry to deliver a long-term, sustainable funding arrangement.
The European Central Bank (ECB) is consulting on a draft Regulation amending the ECB Regulation on payment statistics.
The ECB has reviewed the Regulation with the aim of keeping the ECB's statistics fit for purpose. The review also takes into account an assessment of the relative merits of new requirements against the potential costs to reporting agents.
Payment statistics have been compiled since 2000. They are used to identify trends in payments and they serve two main purposes:
- to provide the general public and relevant stakeholders with an overview of the world of payments in Europe in terms of volumes, values, services, providers and systems; and
- to support the policy decisions of the European System of Central Banks in this area, by providing relevant statistical information.
The draft Regulation introduces reporting requirements for information on innovative payment services and channels, payment schemes, and fraudulent payment transactions. Collecting this information will enable the ECB to perform its catalyst and oversight roles in the areas of retail payments and payment systems more effectively. In addition, more detailed and frequent statistical information on card payments will help to enhance the ECB's understanding of cross-border trade and economic developments.
The consultation closes on 9 April 2020. The ECB will hold a public hearing on 23 March 2020.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.