2024 Payments Regulatory Outlook UK Report

In this paper, we bring together insights from eight experts from fscom, Fintech, banking and the regulator itself, identifying issues payment and e-money institutions should consider to address each strategic priority outlined by the regulator.

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2024 Payments Regulatory Outlook UK Report

What does the regulatory landscape look like for payment and e-money institutions in the UK in 2024? In short, the regulator has imposed a significant amount of requirements on firms, and more are expected in the coming years. The regulations cover areas ranging from safeguarding to strong customer authentication, and from consumer protection to contingent reimbursement..

 

The regulator set out its three key strategic priorities in 2023. These are expected to guide its interventions in 2024 and beyond. They are:

 

  • Reducing and preventing serious harm
  • Setting and testing higher standards
  • Promoting competition and positive change

 

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Contents

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Reducing and preventing serious harm

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Wind-down planning

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Setting and testing higher standards

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Operational resilience

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Promoting competition and positive change

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Consumer Duty

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The state of regulatory compliance in 2024 and beyond

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About fscom

At fscom, we strive to offer excellent service in a professional and personable manner. We deliver this through our unrivalled understanding of financial services regulation and a strong emphasis on taking a commercial and innovative approach that puts our clients’ needs first.

We are specialists in providing regulatory advisory services to a broad range of financial services institutions including payment services and e-money, retail banks, cryptocurrency, trading and broking and asset management firms.

We work across three core areas of regulatory compliance, financial crime and cyber security and provide a range of services including compliance advice, authorisations, audits, interim roles and compliance training.