fscom News and Events

2020 Regulatory Outlook – Top Themes for Financial Services for the Year Ahead

[fa icon='calendar'] 13-Feb-2020 12:00:00 / by fscom Team posted in BREXIT, 5MLD, Payments sector, safeguarding, Cybersecurity, Cryptoassets

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Brexit: All systems go

[fa icon='calendar'] 31-Jan-2020 10:20:17 / by Jamie Cooke posted in BREXIT

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As the clock strikes 11pm on Friday the 31st of January, the UK will make unprecedented steps and become the first state to leave the European Union three and half years after the infamous referendum in June of 2016.  

Whilst one period of negotiations comes to an end, another begins as the UK enters negotiations to determine what our future trading relationship with the bloc will look like. The negotiations are scheduled to take 11 months until 31st December 2020 and currently the UK are adamant they will not seek any extension to the 11 month negotiation period.  

In this blog we will outline some of the key implications for the UK financial services sector and how firms can best prepare for Brexit. This blog is accompanied by updated versions of our Brexit ebook and AML regime guide, in which you can find details on the various regulators around Europe approaches to authorisation and supervision. 

 

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What does 5MLD mean for cryptocurrency firms?

[fa icon='calendar'] 07-Jan-2020 16:12:07 / by Philip Creed posted in 5MLD, Cryptoassets

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Entering into force in July 2018 after political agreement was reached by the EU Parliament, the Council and the Commission, the EU’s Fifth Money Laundering Directive (5MLD) is intended to be transposed into applicable national law no later than 10th January 2020.  

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Opportunities with Open Banking for Credit Unions

[fa icon='calendar'] 18-Dec-2019 11:13:17 / by Alison Donnelly posted in Regulatory compliance, Open Banking and SCA

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In a world where everything is becoming more complex, today's consumers are seeking financial services providers who can simplify their lives. Solutions that are seamless and personalised are the top choice for consumers. In fact, 63% of consumers expect personalisation as a standard of service. In this blog, Alison Donnelly talks about this expectation from our tech savvy consumers, and how credit unions can fulfil these expectations through Open Banking.

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Operational and security risk reporting (REP018) and IT audits

[fa icon='calendar'] 17-Nov-2019 13:56:03 / by Alison Donnelly posted in SCA, open banking, Cybersecurity

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Around this time last year we published a blog on REP018, discussing the reporting obligation and who had to submit. Just to recap, REP018 is the name the FCA has given to the reporting return for the operational and security risk assessment that all payment service providers (PSPs) must submit to their regulator at least once a year, or more often as the regulator directs. Most other regulators, including the Central Bank of Ireland, simply refer to the return as the ‘operational and security risk assessment.’

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Capital adequacy: Brace for impact

[fa icon='calendar'] 22-Oct-2019 16:15:12 / by Alison Donnelly posted in Payments sector, E-money sector, safeguarding

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The Financial Conduct Authority (FCA) is taking every opportunity to warn payment and e-money institutions over “unacceptable” practices in safeguarding client funds, as well as around risk governance and financial management. 

 

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The Brexit Saga Continues

[fa icon='calendar'] 17-Oct-2019 16:33:50 / by James Borley posted in BREXIT, Payments sector, E-money sector

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The Brexit saga continues, but what does the FCA expect from you?

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Tricky Verifications - The importance of getting it right.

[fa icon='calendar'] 11-Oct-2019 16:04:43 / by Tony Brown posted in AML Audit, fincrime

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In the ever-evolving world of anti-money laundering firms are under more pressure and scrutiny than ever before, especially when it comes to verifying the identity of customers. In this blog, we will consider the regulator’s increased focus on KYC verification and examine scenarios where verifying an individual or entity may pose greater difficulty.

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Brexit Firm Awareness

[fa icon='calendar'] 02-Oct-2019 17:43:37 / by James Borley posted in BREXIT, Payments sector, E-money sector

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One month ahead of the (latest) impending Brexit day, the general feeling among firms remains one of confusion. As it stands, the assurance one can usually take in the statutory process appears to have gone out the window. In the past week, we have seen the Supreme Court rule that PM Boris Johnson’s prorogation of Parliament was an unlawful attempt to subdue the scrutiny Parliament is expected to place on the Executive. Furthermore, the Benn Act was passed by Parliament, prior to the Prime Minister’s attempt to prorogue it, aimed at preventing Government from committing the UK to a No Deal Brexit. While this is now a legal obligation for the Executive, the Prime Minister has publicly said he will ignore it and plans to see that the UK leaves on the 31st of October, “do or die”.   

 

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Outsourcing function, not responsibility

[fa icon='calendar'] 30-Sep-2019 19:47:52 / by Alison Donnelly posted in Regulatory compliance, Payments sector, E-money sector

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As of today, credit institutions, MiFID investment firms, e-money institutions and payment institutions must maintain a register of outsourcing agreements that can be made available to the FCA on request and new arrangements must meet the European Banking Authority (‘EBA’) Guidelines. Existing arrangements must be made compliant by the end of 2020.

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