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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Criminal offences are generally divided into two categories: •conduct crimes, and •result crimesA conduct crime is a crime where only the forbidden conduct needs to be proved. For example, an accused is guilty of dangerous driving if they drove a motor vehicle dangerously on a road or other public
An ad hoc arbitration is any arbitration in which the parties have not selected an institution to administer the arbitration. This offers parties flexibility as to the conduct of the arbitration, but less external support for the process. It can be quicker than institutional arbitration but not if
There are two kinds of burden:•the legal burden, and•the evidential burdenThe legal burdenA party has the legal (sometimes called ‘the persuasive’) burden where the onus is on that party to prove a fact or issue in a case to the required standard of proof.The legal burden is generally on the
What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE) insurance premiums. The relevant CPR
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