Inter-bank payment systems meaning

'Twin peaks' regulatory structure The 2007–2008 financial crisis prompted a sweeping overhaul of the UK’s supervisory framework. The new model, effective from 1 April 2013, is widely referred to as ‘twin peaks’ regulation. Under this arrangement, responsibilities are divided between: Prudential oversight — undertaken by the Prudential Regulatory Authority (PRA) for insurers, banks, building societies, credit unions and systemically important investment firms. Conduct supervision — undertaken by the Financial Conduct Authority (FCA), which also carries out prudential regulation of investment firms that are not systemically important. The framework also encompasses the Bank of England (the Bank) and its Financial Policy Committee (FPC), and the Payment Systems Regulator (PSR), a subsidiary of the FCA that began operating in 2015. For a visual outline, see Practice Note: Regulatory structure diagram. For more on the UK regulators, see Overview: UK regulators—financial services—overview, and for how they interact with each other and non-UK regulators, see Practice Note: Interaction between the PRA, FCA and FPC...

In this issue: UK, EU and international regulators and bodies Prudential requirements Risk management and controls Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Banks and mutuals Investment funds and asset management Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Regulation of AI in FS Dates for your diary New and updated content Financial Services Enforcement Database Daily and weekly news alerts LexTalk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies ESAs publish spring 2026 joint risk update The three European Supervisory Authorities—the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority—have released their Joint Committee spring 2026 update examining risks and vulnerabilities across the EU financial system....

In this issue: Prudential requirements Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK MiFID II Consumer credit, mortgage and home finance Regulation of insurance FSMA regulated pensions activity Payment services and systems Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Prudential requirements COREPER asked to endorse agreement on CCP concentration risk treatment After the European Parliament adopted, in April 2024, a proposal for a directive of the Parliament and the Council to amend Directive 2009/65/EC (UCITS), Directive 2013/36/EU (CRD IV) and the Investment Firms Directive (EU) 2019/2034 (IFD), the Council of the EU’s General Secretariat released an ‘I/A’ Item Note inviting the Council’s Permanent Representatives Committee (COREPER) to confirm its agreement...

In this issue: Authorisation, approval and supervision Prudential requirements Risk management and controls Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Banks and mutuals Consumer credit, mortgage and home finance Payment services and systems International—financial services and related sectors Fintech and cryptoassets LexTalk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Authorisation, approval and supervision HM Treasury issues a policy statement describing its intended approach to the regulation of Appointed Representatives within UK financial services. The paper suggests targeted adjustments to enhance oversight and bolster consumer protection, while preserving the regime’s function in fostering competition and innovation. See: LNB News 11/08/2025 28. The Financial Conduct Authority has updated its Conduct Rules webpage to clarify...

Background and introduction to SEPA After the euro was introduced in 11 EU countries in 1999, it became evident that domestic and cross-border retail payment services did not deliver comparable service levels. In September 1999, the European Central Bank (ECB) issued a report on enhancing cross-border retail payment services (the ECB 1999 Report). The report recognised that cross-border credit transfers within the euro area lagged significantly behind domestic credit transfers, even though a single currency environment called for a Single European Payment Area (SEPA). To initiate the debate and send a clear signal to the banking and payment systems industry, the Eurosystem (consisting of the ECB and the national central banks of countries that had adopted the euro) set out seven objectives for the industry to meet: Improved systems/services to be in place by 1 January 2002 Place priority on cross-border credit transfers Substantially lower the price of cross-border credit transfers Ensure settlement times are comparable for domestic and cross-border payments As...

ARCHIVED This Practice Note is archived and no longer maintained. It highlights the key dates for restructuring and insolvency professionals in 2025, including appeal court hearings, consultation deadlines, events and the commencement of insolvency-related legislation. January 2025 1 January 2025 — The Financial Services and Markets Act 2023 (Commencement No 4 and Transitional and Saving Provisions) (Amendment) Regulations 2023 (SI 2023/1382) are made under FSMA 2023 in connection with Brexit. They commence, on this date, provisions of FSMA 2023 requiring the Bank, Financial Conduct Authority, Prudential Regulation Authority and Payment Systems Regulator to have regard, when exercising their functions, to the need to contribute towards the Secretary of State’s compliance with section 5 of the Environment Act 2021. See: LNB News 15/12/2023 53. 6 January 2025 — Chief ICC Judge Briggs issues a practice note taking effect, setting out the court’s updated criteria for allocating and transferring work between the Royal Courts of Justice sitting in the...

Banking regulation—Israel—Q&A guide This Practice Note presents a jurisdiction-specific Q&A on banking regulation in Israel, published within the Lexology Getting the Deal Through series by Law Business Research (Law stated at: 6 March 2023). Authors: Arnon, Tadmor-Levy—Aviad Lachmanovitch; Guy Fuchs 1. What are the principal governmental and regulatory policies that govern the banking sector? Israel’s banking rules have taken shape over many years. They originated with the Banking Ordinance 1941, from the British Mandate era, which empowered the governor of the Bank of Israel to appoint a Supervisor of Banks. That ordinance was largely supplanted by the Banking (Licensing) Law 1981. The Bank of Israel Law 1954 established the state’s central bank, and this statute was later wholly replaced by the Bank of Israel Law 2010. Any banking corporation—whether a bank, foreign bank, mortgage bank or investment finance bank—seeking to operate in Israel must hold a licence issued by the governor of the Bank of Israel...