Good Divorce: Will PSD2 Remain on the UK’s Agenda Post Exit?
The UK’s vote to leave the EU not only raised many doubts about London’s continued reign as the global fintech leader, but also certain concerns about the country’s continued regulatory alignment. However, as the main driver for PSD2 is technological and not political, the UK decision to follow a development path independently from the EU will hardly have any significant effect on the implementation of the directive. According to Paul Rohan, Author of ‘PSD2 in Plain English’, Brexit does not really change the end point in the establishment of the open banking: “The UK policy makers have....
Related News
Following the EU’s adoption of its revised Payment Services Directive (PSD2), an industry player has said it will cause “the collapse of the traditional banking infrastructure.” PSD2, which allows third-party companies to offer banking services to consumers, could eventually transform banking in 67 countries worldwide through a ripple effect. Speaking to South African tech publication Gadget, Thomas Pays, CEO of i-Pay, a startup set to benefit from the legislation, said 2017 would be a watershed moment. “You are actually looking at the collapse of the traditional banking infrastructure and....
Can you really hide assets in a divorce through Bitcoin? CoinTelegraph investigates the feasibility of such a suggestion. Traditional methods of hiding assets. In most cases, assets in divorce are hidden through relatively simple means with varying legality. That includes transferring money from joint accounts to private accounts; transferring assets to a friend prior to the divorce; undervaluing assets; or simply storing assets as cash in a hidden safety deposit box. However, there are other more complex methods including overpaying the IRS, or other relevant tax agency, and then....
Jane Croft, writing in today's Financial Times points out warnings from lawyers, that Bitcoin is fast becoming the weapon of choice for hiding assets in a divorce battle. Because of Bitcoin's relative anonymity many husbands are choosing to use it as a medium of investment and thereby avoiding a full disclosure of assets. Within the UK, divorce settlements are seen as particularly generous to wives; courts have taken the view that homemakers contributions are equal to those of the breadwinner, therefore, a fifty: fifty split of assets is generally the norm. There is also the problem that....
Aiming at accelerating innovation and developing a unified payment services sector, the European Commission has adopted the Payment Services Directive (PSD2), which is expected to bring vital changes. What is PSD2? Lately, regulators have been increasingly focussing on ensuring consumer protection, competition, and security in the area of financial services. The PSD2 is a data and technology-driven directive, which was introduced as a way to respond to the changes in the landscape of payment services since the introduction of the original directive in 2007, and to drive further....
Silicon Valley’s Token takes the first step in leading European banks towards secure API banking with an opening of the office in London. The fintech world is buzzing about PSD2. With the deadline for its implementation approaching, European banks have started to realize the magnitude of the proposed changes in regulations and try to decide upon a strategy which would allow them to react to these changes accordingly. What all the fuss is about? PSD2 sets out to standardize, integrate and improve the efficiency of payments within the European Union, offering consumers better protection and....