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While the way you interact with Bacs Direct Credit and Direct Debit will remain the same and the service will be as good, if not better, than it always has been, some things will begin to look different
To embed, copy and paste the code into your website or blog: 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 infor...
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its first financial promotions quarterly data showing the number of financial promotions that have been amended or withdrawn due to non-compliance with its rules in Q1 2021.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through complaints it has received and its own proactive work. 38 cases resulted in 105 promotions being amended or withdrawn. 75% of these amend/withdraw outcomes related to either website or social media promotions. 47% of financial promotions reviewed related to retail lending, 26%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 retai...