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Regulatory Developments
United Kingdom: FCA publishes feedback statement on Open Finance
Some of the key findings that the FCA draws out in its feedback statement are:
A legislative framework would be needed for open finance to develop fully, both to provide any statutory right to data access and to support a regulatory framework.
In addition to the regulatory framework, the following building blocks would be needed for a sustainable open finance ecosystem to develop – either in support of voluntary adoption or to support future legislation:
consumer protections informed by an ethical framework;
a liability model;
an implementation entity that is funded and governed equitably; and
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Recent regulatory developments focussed on the payments sector. Reports on a BoE update on omnibus accounts for payment systems operators and prefunding accounts, and an LSB blog on APP fraud. See also our Financial institutions general regulatory news of broad relevance in the Related Materials links.
Contents
APP fraud: LSB blog
Omnibus accounts for payment systems operators and prefunding accounts: BoE update
The Bank of England (BoE) has updated its webpage on payment and settlement to add the following new sections to the information provided in relation to accessing and using accounts in the BoE s real-time gross settlement (RTGS) to hold funds and settle payments:
FCA Q1 2021 financial promotions quarterly data
On 6 April, the FCA published its first financial promotions quarterly data showing the number of financial promotions that have been amended or withdrawn due to non-compliance with its rules in Q1 2021. The FCA reviewed 441 financial promotions identified through complaints it has received and its own proactive work. 38 cases resulted in 105 promotions being amended or withdrawn. 75% of these amend/withdraw outcomes related to either website or social media promotions. 47% of financial promotions reviewed related to retail lending, 26% to retail investments, and 18% to retail banking.
Financial Guidance and Claims Act 2018 (Commencement No. 7) (Dissolution of the Consumer Financial Education Body) Regulations 2021
Bank Of England - Minutes Of The Standards Advisory Panel - March 2021: The Latest Meeting Of The Standards Advisory Panel (SAP) Date
1. The Chair welcomed members and provided an overview of the agenda for the meeting.
2. The Chair mentioned Shriyanka Hore of Oracle has stepped down from the SAP as she will be moving to another role. The Chair thanked Shriyanka for her valued contributions to the SAP.
3. Pay.UK will share the terms of reference for the Community of Developers. At the next meeting, Pay.UK will inform the Panel what it wants to achieve with this forum. It was noted the terms of reference is for information only, not for the Panel’s approval.