fscom News and Events

Alison Donnelly

Alison Donnelly
Alison Donnelly

Recent Posts

PSD2 questions and answers

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

[fa icon="comment"] 0 Comments

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.

Read More [fa icon="long-arrow-right"]

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

[fa icon="comment"] 0 Comments

 

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’.

Read More [fa icon="long-arrow-right"]

Join fscom's team of expert compliance professionals

[fa icon='calendar'] 31-Aug-2017 09:24:51 / by Alison Donnelly posted in Company news

[fa icon="comment"] 0 Comments

Due to continued growth we are seeking passionate, ambitious professionals to join us as associate directors and a senior compliance associate.  

Read More [fa icon="long-arrow-right"]

There's an ICAAP to fit everyone; so wear it!

[fa icon='calendar'] 16-Aug-2017 15:19:32 / by Alison Donnelly posted in E-money, FCA, Compliance, Payment services, ICAAP, BIPRU, IFPRU

[fa icon="comment"] 0 Comments

Last year, the FCA sent a 'Dear CEO' letter about ICAAP. For those who don't know, the ICAAP is a process a firm follows to assess the risks it’s facing currently and in the foreseeable future and calculate an amount of capital it should hold as a buffer against those risks.

The letter was a warning that the exercise shouldn't be a quick totting up of sums without any real engagement in the process. It went only to IFPRU investment firms, though BIPRU firms also have to do ICAAPs. Payment and e-money institutions don't have to do an ICAAP but as those who are tackling their re-authorisation application know, PSD2 places strong emphasis on understanding and managing risks. 

Read More [fa icon="long-arrow-right"]

Emerging Payment Awards Demonstrate Maturing Fintech Market

[fa icon='calendar'] 09-Aug-2017 10:22:10 / by Alison Donnelly posted in Payment services, FINTECH

[fa icon="comment"] 0 Comments

Last week the Emerging Payments Association announced the finalists for this year’s Emerging Payments Awards. With more than 200 entries from payments related businesses around the world, the awards are testimony to the amazing growth this area of FinTech is experiencing.

Read More [fa icon="long-arrow-right"]

fscom shortlisted for best service organisation award

[fa icon='calendar'] 03-Aug-2017 21:06:24 / by Alison Donnelly

[fa icon="comment"] 0 Comments

We've just been shortlisted in the Best Service Organisation supporting the Emerging Payments Industry category in the 2017 Emerging Payments Awards!

Read More [fa icon="long-arrow-right"]

Countdown to PSD2: what do payment service providers have to do? 

[fa icon='calendar'] 28-Jun-2017 20:20:24 / by Alison Donnelly posted in PSD2, E-money, FCA, Compliance, Payment services

[fa icon="comment"] 0 Comments

 

In six months’ time, the second Payment Services Directive (PSD2) will be implemented in the UK. And while we don’t yet have finalised implementing documents, progress is being made on what the realised directive will look like. 

Read More [fa icon="long-arrow-right"]

Safeguarding guidance: FCA update

[fa icon='calendar'] 16-May-2017 17:22:02 / by Alison Donnelly posted in E-money, FCA, Payment services

[fa icon="comment"] 0 Comments

The FCA’s proposed interpretation of the safeguarding obligation is causing serious concern in the industry. Under the new guidance, payment and e-money institutions will be expected to match the value of payments they make on behalf of their clients from their own funds because they will have to both keep the value in a safeguarding account and remit it to the payee.

Read More [fa icon="long-arrow-right"]

MLRO Masterclass: how to handle tricky due diligence issues

[fa icon='calendar'] 09-May-2017 09:30:00 / by Alison Donnelly posted in E-money, Compliance, 4MLD, Payment services

[fa icon="comment"] 0 Comments

All you want is a straight answer. Is this enough? Can I onboard this client? Can I accept this document? Is my EID provider running a tight ship or will I get sunk? Straight-talking fscom anti money laundering expert, Mike Southgate will give the straight answers at the next MLRO Masterclass.

Read More [fa icon="long-arrow-right"]

Could you be our new senior compliance consultant?

[fa icon='calendar'] 09-May-2017 08:30:00 / by Alison Donnelly posted in Company news

[fa icon="comment"] 0 Comments

We're recruiting for a senior compliance consultant to join our busy advisory team. Could you be who we are looking for?

Read More [fa icon="long-arrow-right"]