The Case For Payment Regulations In The Crown Dependencies

This article was drafted by Chris Hutley-Hurst of Walkers and Paul Gorman of Bank Aston.

Payments was historically a hidden component of financial services only fully understood by specialists. In the last 20 years, however, it has become a strategic differentiator not just between banks but also between jurisdictions. The EU and UK have payments regulatory frameworks that are already ahead of those in the Crown Dependencies (CDs). Both are in the process of making further improvements to those frameworks.

In the first part of this article, we describe the main commercial gaps and consumer protection differences. That is, what products and services exist in the UK and/or EU (due to superior regulations) but either do not exist or are materially worse in the CDs.