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PSR confirms APP fraud reimbursement level to be reduced
Posted by Sophie Lessar, Philip Williams and Rachel Tookey on 26 September 2024The compulsory reimbursement scheme for Authorised Push Payment (APP) fraud will come into effect on 7 October. Following closure of its brief consultation, the Payments Services Regulator (PSR) has confirmed that the maximum reimbursement amount will be set at GBP85,000.
Financial futures: Disruption in global financial services
Posted by Mark Dwyer and Tony Katz on 23 September 2024Financial services organisations across the globe are facing unprecedented levels of change and uncertainty. Amid this landscape, DLA Piper commissioned a global survey of c.800 major decision-makers in financial services organisations across the EMEA and APAC regions and North America to explore the impact this change is having on the sector.
Legal Services Board approves SRA fee caps for claims management companies
Posted by Rachel Tookey, Benjamin Fellows and Leontia McArdle on 12 July 2024Following a proposal by the Solicitors Regulation Authority (SRA), the Legal Services Board has approved the introduction of fee caps on SRA regulated law firms undertaking financial services claims management activities.
Securitisation reform - Liberalisation: just a matter of time?
Posted by Mark Daley on 21 June 2024Article 44 of the EUSR requires the ESAs to produce a report once every three years on certain aspects of securitisation. The next one is due before the end of 2024, and at the Barcelona Global ABS a couple of weeks ago, two representatives from ESMA and the EBA said that this would include a review of the definition of “securitisation” and proportionality for due diligence and transparency (e.g. carving out private issues).
New UK payments reporting obligations starting on 1 January 2025 - The Reporting on Payment Practices and Performance (Amendment) Regulations 2024
Posted by Mark Dewar, Marta Chodorowska and Raluca Padure on 11 June 2024Following a recent Amendment1 to the UK Reporting on Payment Practices and Performance Regulations 20172 (Regulations) which required large businesses to report their payment practices, the UK Government has extended the Regulations for another 7 years. The Regulations now expire on 6 April 2031.
Payments Sector – Overview and Horizon Scanning FY24/25
Posted by Sophie Lessar, Suman Khurana and Marta Chodorowska on 28 May 2024UK Payment Service Providers (PSPs) must reimburse victims (in-scope customers) of APP fraud, save for limited exceptions. The reimbursement requirement is due to come into force on 7 October 2024.
FCA Issues Warning to CEOs to Improve Anti-Money Laundering Controls
Posted by John Gollaglee, Prag Sivaguru and Amelia Shannon on 30 April 2024The FCA have issued a stark warning to the industry with its latest in a series of publications regarding money laundering control failings.
Adjusting to a new normal - International Debt Finance Intelligence Report 2024
Posted by Matthew Christmas on 24 April 2024The latest version of our International Debt Finance Intelligence Report 2024 is now live.
Building on the success of our inaugural edition in 2023, our latest report has once again analysed the data captured from the deals we’ve closed, coupled with commentary from across our International Debt Finance team to produce a report that will be of benefit to lenders, borrowers and sponsors.
and then 