On 24 January 2020, the UK Financial Conduct Authority published a press release announcing Christopher Woolard as its Interim Chief Executive.
Payment Systems Regulator publishes speech on authorised push payment fraud
On 23 January 2020, the UK Payment Systems Regulator published a speech by its managing director, Chris Helmsley, on a number of topics including authorised push payment fraud.
Mr Helmsley sets out his initial views (having been in his role 100 days) on topics including preventing APP fraud and the allocation of responsibility for meeting successful claims.
FCA publishes letter sent to firms about overdraft pricing
On 28 February 2020, the UK Financial Conduct Authority published a letter sent to firms asking for more information about its overdraft pricing in light of the forthcoming rules which will apply from 6 April 2020. The deadline for a response is 10 February 2020.
The FCA has also published a webpage. This says the FCA will be “keeping a close eye on the market” and “will act should we see continued harm”.
UK Finance publishes note on the requirements for Strong Customer Authentication
On 28 January 2020, UK Finance (the industry trade body for the banking industry) published a note on the requirements for ‘strong customer authentication’.
These rules apply in full to card payments in the United Kingdom from 14 March 2021, and from 31 December 2020 in the rest of the European Union.