The following Financial Services Q&A provides comprehensive and up to date legal information covering:
The Payment Services Regulations 2017, SI 2017/752 is the statutory tool used by HM Treasury and Parliament to transpose and implement the majority of the provisions of Directive 2015/2366/EC, the Payment Services Directive (PSD2) into UK law.
The aims of PSD2 are to:
bring regulation up to date with developments in the market for payment services
increase innovation and improve market access for payment service providers
drive down the cost of services
make payments safer and more secure
improve consumer protection
PSD2 which is due to come into force on 13 January 2018 introduces a ban on retailers’ ability to charge for the use of payment instruments, ie a fee on top of the price of the goods
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The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to insurers: the Conduct of Business Sourcebook (COBS) and the Insurance Conduct of Business Sourcebook (ICOBS). This Practice Note considers how these
You may apply simplified customer due diligence (SDD) measures in relation to particular business relationships or transactions which you determine present a low risk of money laundering or terrorist financing, having taken into account:•your organisation-wide risk assessment—see Practice Note:
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
A declaratory judgment is a judgment identifying the rights, duties or obligations of one or more parties in a dispute. It is legally binding, but does not order any action by a party. A court may issue it alone or in conjunction with some other relief such as an injunction and can be granted on an
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