The aftermath of the collapse of crypto-exchange FTX has seen its auditors facing claims by at least one customer in the US, with more legal action expected to follow. As one US expert put it, " You can’t get blood from a turnip, but you can get money out of...

On 4 November 2022, the revised Financial Services and Markets Bill was published following the Public Bill Committee stage where a number of amendments were introduced. The bill represents a landmark in post-Brexit financial services legislation and much of its content – the approach to retained EU law, changes to...

The Financial Conduct Authority (FCA) is leading discussions into early 2023 on the future regulation of the financial services sector as a result of digitalisation, following the publication of papers on the implications of Big Tech and, with the Bank of England and Prudential Regulation Authority (PRA), of artificial intelligence...

The Financial Conduct Authority (FCA) has written to firms warning them that while buy now, pay later (BNPL) agreements are not yet regulated, financial promotions used to sell them must meet the regulatory requirements. As customers battle with a cost of living crisis and the FCA implements its new Consumer...

The UK's Law Commission has published (28 July 2022) a consultation paper on digital assets and summary, following an earlier public consultation and subsequent UK Jurisdiction Taskforce legal statement in 2019 that considered the legal status of crypto-assets. The paper recognises the growing importance of digital assets and its provisional...

Outcome of HM Treasury consultation on changes to anti-money laundering rules | PSR sets out the details for its work on card fees | FCA consults on winding down synthetic sterling LIBOR and USD LIBOR

In 2017, the European Banking Authority (EBA) published a report containing guidelines on the information and documentation that should be required from those seeking authorisation as payment institutions (PIs) and e-money institutions (EMIs), or registration as account information service providers (AISPs) under the Second Payment Services Directive (PSD2). Europe's banking...

The payments industry is the cornerstone of the global economy, at the centre of global digitalisation. Most commercial digital activities rely on a digitised payment system. Although sustainability is a high-profile subject throughout the business world, the payments industry has kept a relatively low profile with regards to its eco-credentials...

The government has been intending to bring interest-free "Buy-Now Pay-Later" (BNPL) products into the scope of regulation by the Financial Conduct Authority (FCA) since February 2021. It has consulted twice on its approach to regulation, in October 2021 and June 2022 (see our previous Insight). On 14 February 2023, HM...

The Belgian Financial Services and Markets Authority (FSMA) has issued a new regulation to limit the commercialisation of virtual currencies to consumers in Belgium. The new regulation is set out in the Royal Decree of 5 January 2023, which was published in the Belgian State Gazette on 17 March and...