Following the hearing of the Treasury Select Committee hearing on 30 January on the Payment Systems Regulator work on fraud reimbursement with Chris Hemsley, Managing Director of the PSR, the EMA submitted a letter to the Treasury Committee addressing the GBP 415,000 reimbursement limit, clarifying aspects of Chris Hemsley’s oral evidence for the Committee.
The Electronic Money Association submitted a letter to the Payment Systems Regulator setting out our concerns about the impact of the extent of liability of £415,000 on the payment services and e-money industry in the UK.
The payments landscape has changed dramatically since the previous edition of this Summit. Technological developments, changing consumer behaviour, digital currencies, APP scams and money-laundering have all proliferated over the last year and continue to challenge traditional payment providers and the many new entrants to the markets. Keeping ahead of the curve of these developments has been a real challenge for the regulators. The Government has announced plans to reform the powers and regulatory perimeter of the Bank of England and the Payment Systems Regulator as the payment ecosystem becomes ever more complex and inter-connected.
Thaer Sabri, EMA’s CEO, will join a Panel on The future of digital currencies as a payment system.