CCR Magazine

You are here  :Home arrow News arrow Finctech Trade Association warns Payment Systems of Increasing Regulatory Liabilities
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


Finctech Trade Association warns Payment Systems of Increasing Regulatory Liabilities PDF Print E-mail
Tuesday, 29 November 2016
The Emerging Payments Association, one of the major Fintech trade associations supporting over 100 of the country’s leading technology innovations in the financial services sector, has launched a new industry white paper, entitled Who carries the can? Indirect Access to Payment Systems: The Implications of Liability. 

The purpose of this paper is to provide a resource on how impending directives and reformations in FinTech will affect the liability of payment system providers. There are multiple UK regulators, regulations and laws, all of which will impact the liability across a transaction chain, making it too simple to assume that there is a single answer.

This is why the EPA has produced this report, addresses the regulatory and legal provider responsibilities, as well as participant responsibilities in indirect access arrangements, where the participant uses the bank account to make or receive payments for its customers.

Why is this important today?
Impending Payment Services Directive changes (PSD2) will see the FinTech industry generating what the Bank of England this year called a ‘reformation – a more diverse, resilient and effective system for consumers. One where large banks exist alongside new entrants who compete across the value chain’.

Member States need to ensure access to bank accounts ‘on an objective, non-discriminatory and proportionate basis’.

What is stifling new entrants to market?
It is commonly held that the lack of bank account provision may be stifling competition for new entrants into the payments market, yet there is no evidence that this is because of competition fears by the provider banks, despite headlines that suggest otherwise.

Instead, this paper reveals that while regulation has caused the costs and complexities involved in engaging with and monitoring the activities of the new and smaller regulated entities, it still comes with risk attached.

Tony Craddock, Director General of the Emerging Payments Association commented, 'The regulatory environment for payment providers is changing, with new legislation being introduced which will have a material impact on the way the sector operates. Many of these changes are complex and will introduce new levels of liability, which is why the EPA has published this paper.'

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197