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Alison Donnelly

Alison Donnelly
Alison Donnelly

Recent Posts

What the FCA really wants from e-money and payment institutions

[fa icon='calendar'] 11-Jun-2018 17:00:00 / by Alison Donnelly posted in E-money, FCA, Payment services

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With the vast majority of e-money and payment institutions successfully re-authorised, let’s take a look at how the FCA intends to monitor this growing population of firms.

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Introducing the New Payment Systems Operator

[fa icon='calendar'] 23-May-2018 16:24:01 / by Alison Donnelly posted in E-money, Payment services, FINTECH

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In a previous blog post, I took a look at the upcoming access changes to the UK’s RTGS system (the Clearing House Automated Payment System) and, in the blog post before that, the UK’s new payment architecture. In the latter, you might remember, we touched on the consolidation of three separate payment service operators (PSOs) – Bacs, Faster Payments Service and the Cheque & Credit Clearing Company – under a New Payments Service Operator (NPSO).

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How are the third party providers (TPPs) faring under PSD2?

[fa icon='calendar'] 09-Mar-2018 09:14:44 / by Alison Donnelly posted in PSD2, E-money, FCA, Payment services

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It’s been five months since the FCA’s doors opened to applications from the new payment service providers, often referred to as third party providers (TPPs), and two months since they could appear on the Register so it’s a good time to ask how many have seized the opportunity presented by the second payment services directive (PSD2).

The answer is: ‘not so many’.

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A new year; a new payments landscape?

[fa icon='calendar'] 12-Jan-2018 23:40:13 / by Alison Donnelly posted in PSD2, E-money, FCA, Payment services

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To some, 13 January and the implementation of the second Payment Services Directive (PSD2) will be a significant milestone in their business’s path. They will be joining the community of the regulated financial services sector, which means that their owners and managers take on significant additional liability and are subject to a new level of scrutiny. They will have to meet certain standards and requirements ranging from the information they must give their customers to the type of insurance they must hold (in the case of the payment initiation and account information service providers) to how they treat client money (for authorised payment and e-money institutions and small e-money institutions).

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MiFID II: stay focussed and keep perspective

[fa icon='calendar'] 02-Jan-2018 22:08:06 / by Alison Donnelly posted in FCA, Compliance

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The second Markets in Financial Infrastructure Directive (MiFID II), and its accompanying regulation the Markets in Financial Infrastructure Regulation (MiFIR), are set to take effect tomorrow (3 January 2018) – some four and a half years after first being approved by the Council of the European Union (and after a year-long delay intended to allow for the development of the complex technical infrastructure required by firms for compliance with the incoming changes).

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PSD2 spells the end of surcharges

[fa icon='calendar'] 22-Dec-2017 15:16:41 / by Alison Donnelly posted in PSD2, E-money, Compliance, Payment services

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When does a great deal turn out to be not such a great deal? When a credit card surcharge is added right at the end. Such hidden surcharges will be a thing of the past, mostly, come mid-January when the second Payment Services Directive (PSD2) is implemented.

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The RTGS game changer for payment and e-money institutions

[fa icon='calendar'] 09-Dec-2017 16:58:42 / by Alison Donnelly posted in Payment services

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Following on from my previous blog post, where I looked at the UK’s current and future payments architecture, one of the most interesting developments identified at the Project Regulator event that could be a game changer for payment and e-money institutions concerns the UK’s interbank real time gross settlement (RTGS) system.

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Improving the UK's payment systems

[fa icon='calendar'] 20-Nov-2017 09:53:52 / by Alison Donnelly posted in E-money, Compliance, Payment services

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Last week, Project Regulator, which I lead on behalf of the Emerging Payments Association, hosted a special briefing on the new payments architecture organised by the inspirational and indefatigable, Anne Pieckielon, Director of Product and Strategy at bacs.

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PSD2 questions and answers

[fa icon='calendar'] 13-Oct-2017 15:52:21 / by Alison Donnelly posted in PSD2, E-money, Payment services

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The gateway for PSD2 applications opens today. About 500 authorised payment institutions and e-money institutions and 150 payment initiation and account information service providers are expected to submit applications to the FCA over the next few months in order to be authorised by 13 January (in the case of payment initiation and account information service providers) or re-authorised by 12 July in the case of those firms already authorised.

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FCA focus on CF10 personal responsibility

[fa icon='calendar'] 22-Sep-2017 11:28:28 / by Alison Donnelly posted in E-money, Compliance, Payment services

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The competence and capability expected of holders of the compliance function has been brought into sharp focus by two final notices issued by the Financial Conduct Authority (FCA) this summer. One holder of the compliance function (the CF10), was fined £75,000 for failing to exercise due skill, care and diligence in performing his compliance oversight role. The other, a would-be compliance officer, had his application for CF10 and the money laundering reporting function (CF11) refused on the grounds of ‘competence and capability’.

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