As regulatory thinking evolves, firms must ensure that any current or planned use of AI complies with regulatory expectations. By Fiona M. Maclean, Becky Critchley, Gabriel Lakeman, Gary Whitehead, and Charlotte Collins As financial services firms digest FS2/23, the joint Feedback Statement on Artificial Intelligence and Machine Learning issued by the FCA, Bank of England, … Continue Reading
Elisabeth Stheeman of the Financial Policy Committee outlined the new frameworks for building operational resilience against cyber risks and protection of payment chains. By Brett Carr and Stuart Davis On 9 September 2020, Elisabeth Stheeman, an External Member of the Financial Policy Committee (FPC) for the Bank of England (BoE) delivered a speech entitled, “The … Continue Reading
Andrew Bailey outlined what payments market participants can expect from regulators seeking to address financial stability risk in the world of payments, including as part of the rise and adoption of global stablecoins. By Brett Carr and Stuart Davis On 3 September 2020, the Governor of the Bank of England (BoE) Andrew Bailey delivered a … Continue Reading
Bank for International Settlements selects Bank of England as UK centre to host new fintech hub. By Stuart Davis, Brett Carr, and Sam Maxson On 30 June 2020, the Bank of England announced that it had been selected to host a centre of the Bank for International Settlements’ Innovation Hub. The UK centre will support … Continue Reading
The BoE is seeking feedback on the Introductory Phase of the ISO 20022 migration, that will create a common language for payments data globally. By Christian F. McDermott, Grace E. Erskine, and Amy Smyth In 2018, the Bank of England (BoE) consulted on the adoption of ISO 20022 — a global standard for payments messaging … Continue Reading
UK regulators are addressing regulatory uncertainty through a number of regulatory initiatives due for implementation in 2019. By Stuart Davis Background Following the FCA’s consultation paper that offers guidance on the regulatory status of cryptoassets published in January 2019, the regulator is now engaging with the industry and other stakeholders such as law firms to … Continue Reading
The consolidation of UK payment system operators marks another big step in delivering on the New Payments Architecture. By Stuart Davis and Brett Carr What happened? Operational responsibility for the Bacs and Faster Payments systems, which process a combined £6.3 trillion worth of payments annually, has transferred to the New Payment System Operator (NPSO). The … Continue Reading
Bank of England announces that, for the first time, a non-bank payment services provider has accessed the UK payments system directly. By Andrew Moyle, Stuart Davis, Charlotte Collins, and Brett Carr The Bank of England has announced that a regulated payment services provider (PSP) has become the first non-bank direct participant in the UK’s Faster … Continue Reading
