Surveys and Reports
Regulatory Developments
United Kingdom: HM Treasury consultation on new special administration regime for payment institutions and electronic money institutions
On 3 December 2020 HM Treasury (HMT) issued a consultation on proposed insolvency changes for payment institutions (PIs) and electronic money institutions (EMIs), including a bespoke special administration regime (SAR). HMT notes the shortcomings of the current insolvency regime and is making these proposals ahead of the conclusion of the Payments Landscape Review to protect consumers in the event of the insolvency of PIs and EMIs.
The proposed SAR is intended to have the following key features:
An explicit objective on the special administrator to return customer funds as soon as reasonably practicable.
To embed, copy and paste the code into your website or blog:
Recent regulatory developments focussed on the payments sector. Includes reports on HM Treasury's proposed new special administration regime for PIs and EMIs, and the latest on the APP CRM Code. See also our General regulatory news in the Related Materials links.
Contents
Production and distribution of cash: House of Commons Public Accounts Committee report
APP scams voluntary code: extension of interim funding to 30 June 2020
APP scams voluntary code: LSB report
Payment threats and fraud trends: EPC 2020 report
PIs and EMIs: HM Treasury consults on a new special administration regime