Financial Regulation

High Court Upholds PSR Powers to Cap Card Fees

The UK High Court has upheld the Payment Systems Regulator's (PSR) powers to cap cross-border interchange fees, following a legal challenge. This decision allows the PSR to proceed with its analysis and potential implementation of fee caps, aiming to reduce costs for UK businesses.

Payments Forward Plan Published

The Payments Vision Delivery Committee, comprising HM Treasury, the Bank of England, the FCA, and the PSR, has published the Payments Forward Plan. This plan outlines upcoming initiatives in retail and wholesale payments, including digital assets, to foster a trusted, world-leading payments ecosystem.

PSR Fines Bank of Ireland UK £3.7m for Confirmation of Payee Failure

The Payment Systems Regulator (PSR) has fined Bank of Ireland UK £3.7m for failing to implement the Confirmation of Payee system by the required deadline. This failure left over 1.14 million new payees and approximately £6.9 billion in payments unprotected against fraud.

Ashley Alder Appointed New PSR Board Chair

Ashley Alder has been appointed as the new Chair of the Payment Systems Regulator (PSR) Board, effective January 26, 2026. This appointment coincides with the planned consolidation of the PSR into the Financial Conduct Authority (FCA), where Alder also serves as Chair.

FSB 2026 Work Programme: Financial Stability and Systemic Risks

The Financial Stability Board (FSB) has published its work programme for 2026, outlining key priorities to promote global financial stability. The programme focuses on addressing systemic risks through vulnerability assessments, nonbank financial intermediation, cross-border payments, digital innovation, and operational resilience.

FSB Report on Repo Market Vulnerabilities

The Financial Stability Board (FSB) has released a report warning of vulnerabilities in government bond-backed repo markets. The report highlights potential contagion channels and emphasizes the need to preserve market functionality during stress periods, offering policy implications for regulators.

Public Responses to Insurer Recovery and Resolution Planning Consultation

The Financial Stability Board (FSB) has published public responses to its consultation on the scope of insurers subject to recovery and resolution planning requirements. The consultation period closed on February 6, 2026, and the FSB expects to publish final guidance in Q2-Q3 of 2026.

FSB Peer Review: Public Sector Backstop Funding Mechanisms

The Financial Stability Board (FSB) is conducting a thematic peer review on public sector backstop funding mechanisms and has issued a summary of terms of reference. The FSB is seeking feedback from financial institutions and other stakeholders by March 31, 2026, to inform its review of implementation progress.

FSB Report on Strengthening Global Bank Resolution Frameworks

The Financial Stability Board (FSB) released its 2025 Resolution Report, detailing progress in strengthening global resolution frameworks for banks, insurers, and financial market infrastructures. The report highlights achievements in 2025 and outlines future work to enhance crisis preparedness and operationalize resolution tools.

BIS General Manager Statement on Villeroy de Galhau Departure

The Bank for International Settlements (BIS) issued a statement from General Manager Pablo Hernández de Cos acknowledging the departure of François Villeroy de Galhau, Governor of the Bank of France, from his role as Chair of the BIS Board of Directors. The BIS will begin the process of appointing a new Chair.