Charlotte Hill

Charlotte Hill

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European Data Protection Board Provides Clarification On PSD2

In response to questions from a Member of the European Parliament, the European Data Protection Board (EDPB) has provided much needed clarification on the overlap between the General Data Protection Regulation (GDPR) and the EU Payment Services Directive (PSD2) in an open letter.  As we identified in a previous blog post on this topic, the … Continue Reading

The GDPR and Blockchain

Blockchain technology has the potential to revolutionise many industries; it has been said that “blockchain will do to the financial system what the internet did to media”.  Its most famous use is its role as the architecture of the cryptocurrency Bitcoin, however it has many other potential uses in the financial sector, for instance in … Continue Reading

Overlap Between the GDPR and PSD2

The Payment Services Directive (PSD2), which took effect on January 13, 2018, puts an obligation on banks to give Third Party Providers (TPPs) access to a customer’s payment account data, provided the customer expressly consents to such disclosure. The new legislation is intended to improve competition and innovation in the EU market for payment services. … Continue Reading

UK Regulator Extracts Compensation from Fund Operator and Parent

On November 10, the FCA issued a Final Notice relating that Capita Financial Managers Limited (“CFM”) had agreed to pay investors £66m over the collapse of a circa £110m unregulated collective investment scheme called the Connaught Income fund. The decision has garnered interest because the FCA faced political pressure to speed up its investigation into … Continue Reading

UK Financial Conduct Authority Makes First Market Investigation Reference

On September 14, the UK’s Financial Conduct Authority (FCA) confirmed that it was making a Market Investigation Reference (MIR) to the Competition and Markets Authority (CMA) in relation to services for investment consultancy and fiduciary management.  This is the first time the FCA, which has significant numbers of competition lawyers within its ranks, has exercised … Continue Reading

Blueprint for the Future of UK Payments: The Payments Strategy Forum Launches a Consultation on the Future of UK Payments

The Payment Strategy Forum (PSF) has published a public Consultation Paper (the “Consultation”) entitled “Blueprint for the Future of UK Payments.”  The PSF observes that whilst payment systems in UK are some of the best in the world, they are no longer fit for purpose, given their age and complexity.  The PSF has therefore developed … Continue Reading

UK Regulator Expresses Concerns Regarding Active Asset Manager Charges and Performance

The UK Financial Conduct Authority (“FCA”) is undertaking a study of the asset management market, which manages GBP 6.9 trillion, and is the second largest market in the world after the US. The rationale for the study is to ensure, as part of the FCA’s overall purview, that the UK market works well.  As part … Continue Reading
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