New Laws Loom As UK Banks Defeated Over Transaction Levy Plan

The UK’s top payment system operator has rejected banks’ proposals for a 2.9p transaction levy on fund transfers to fund payouts for consumer fraud losses, claiming there is insufficient wider support for the reforms.

A consortium of UK banks had previously put forward a formal proposal that would see the charge imposed on nearly all Faster Payments Scheme transactions, to create a pot for victims of authorised push payment (APP) scams where no party is deemed to be at fault.

To continue reading...

Our Key Benefits

PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.

We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.

We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.