Payments Law Update | November 2017


Written on 14 November 2017

 

Welcome to the latest edition of Osborne Clarke’s Payments Law Update.

We hope that you find it interesting. If you would like to discuss any of the content, or have a subject that you would like us to cover in the next edition, please let us know. Our contact details are set out below.

 

PSD2 | Member State transposition | Current status

In this table, we take the opportunity to summarise the current state of play as regards PSD2 implementation across a number of key EU jurisdictions.

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PSD2 | How will the UK regulators be implementing the new regime?

On 19 September 2017, the FCA confirmed its Handbook changes and revisions to the Approach Document. The policy statement summarises feedback the FCA received to its consultation papers and provides a number of clarifications. In this article we provide an overview of those clarifications and also consider what still remains uncertain with less than two months to go until the new regime is operational.

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PSD2 | Strong customer authentication | The current state of play

As widely anticipated, the European Commission has proposed a number of amendments to the European Banking Authority’s draft standards on strong customer authentication – the focus principally being on the exemptions and access to customer data. Whilst the industry lobbied hard for a number of these, the resulting impact on timing will only increase the period of uncertainty between the implementation of PSD2 and application of the SCA RTS.

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Ban on surcharging for card payments

From 13 January 2018, it will be illegal to apply surcharges to consumers for paying by particular methods (most commonly for payments by credit or debit card). This change will affect a wide range of businesses including some airlines, theatre and concert booking sites, take-away food apps, local councils, HMRC and the Driver and Vehicle Licensing Agency. In this article, we explore why the ban is being introduced.

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Payments Strategy Forum

On 28 July 2017, the UK’s Payment Strategy Forum delivered a blueprint for the future of the nation’s payment system, setting out design and implementation approaches for the construction of a ‘New Payments Architecture’. In this article, we consider the main proposals and likely timetable for completion of the work.

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Immigration Act 2014 | Status checks for existing current account customers

The Immigration Act 2014 prohibits banks and building societies from opening current accounts for people who are known not to have leave to remain in or to enter the UK. From 1 January 2018, there will be additional requirements to carry out periodic checks of the immigration status of existing current account customers. We take this opportunity to consider the requirements and what banks and building societies need to have in place.

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Immigration Act 2014 | Status checks for existing current account customers

The Immigration Act 2014 prohibits banks and building societies from opening current accounts for people who are known not to have leave to remain in or to enter the UK. From 1 January 2018, there will be additional requirements to carry out periodic checks of the immigration status of existing current account customers. We take this opportunity to consider the requirements and what banks and building societies need to have in place.

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*This article is current as of the date of its publication and does not necessarily reflect the present state of the law or relevant regulation.

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