Payments & Financial Services

Payment services and infrastructure are regulated to ensure stability, as well as to protect merchants and consumers. Ensuring effective competition is also an increasing focus in relation to financial services regulation.

We have advised major payment system operators and financial institutions (including non-bank lenders) on issues relevant to economic regulation and competition in credit card, finance and related markets. This work covers both proceedings before the Financial Conduct Authority, the Payment Services Regulator, and the Competition and Markets Authority.

Our leading payments practice advises on the full range of payment services issues, including the rules for functional separation of payment card schemes and processing; security requirements and authentication for transactions; relationships between schemes, their client banks and consumers/merchants; and other sector-specific rules under the EU regime (PSD2 and IFR).