fscom News and Events

SM&CR – The Regulators’ Expectations of Firms

[fa icon='calendar'] 08-Apr-2020 15:05:20 / by Jamie Cooke posted in E-money, FCA, Payment services, Covid 19

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The FCA last week published a statement in which they set out their expectations of solo-regulated firms operating under the ongoing strain of COVID-19. While emphasising the need for ever-adaptive governance arrangements in the face of an evolving challenge, the FCA have clarified that no single Senior Manager is expected to assume responsibility for a firm’s coronavirus response. In addition to this and regarding dual-regulated firms, a joint statement released by the FCA in collaboration with the PRA demonstrated the regulators’ intention to assume a more flexible approach under the current circumstances.

 

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Is your zoom video conference as private as you think?

[fa icon='calendar'] 02-Apr-2020 14:44:57 / by Simon Whittaker posted in Cybersecurity, Covid 19

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With my NICyber hat on last week I helped run a webinar about the new challenges facing us all in this new normal that we now find ourselves. In this post, I will share some additional thoughts about some best practices for video and screensharing tools.

 

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Homeworking – top tips for adapting to the shift in workplace dynamics

[fa icon='calendar'] 30-Mar-2020 14:08:47 / by Brona Cathcart posted in fscom News, Company news, Covid 19

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fscom’s Head of People, Brona Cathcart shares her insights into how the fscom team have been adapting to the shift in workplace dynamics over the past two weeks and her top tips for a productive and connected workforce.

 

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Bank of England announces supervisory and prudential policy measures to address the challenges of Covid-19

[fa icon='calendar'] 25-Mar-2020 10:40:57 / by Jamie Cooke posted in Payments sector, E-money sector, Covid 19, Investments

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As a result of the unprecedented Covid-19 outbreak, The Bank of England (BoE) and Prudential Regulation Authority (PRA) have announced several measures seeking to reduce potential operational stresses on both PRA-regulated firms and Bank-regulated financial market infrastructures to allow them to continue providing crucial functions essential for the economy.

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Capital Stress Testing

[fa icon='calendar'] 19-Mar-2020 12:50:37 / by Colin Sloan posted in Payments sector, E-money sector, Covid 19

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I delivered a training session on capital adequacy last week. The irony of delivering the session on the cusp of such a capital-stressful situation was clear to all in the room and many subsequent conversations focused on the steps that these payment and e-money institutions were, and would be, taking to deal with the crisis.

In a blog last week, our Managing Director, Jamie Cooke, commented on the business continuity measures that firms should take in light of the pandemic. In this post, I will set out what payment and e-money institutions are doing (and should be doing) as they brace for the pandemic.

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FCA issues statement on Covid-19

[fa icon='calendar'] 18-Mar-2020 16:54:52 / by Jamie Cooke posted in FCA, Payments sector, E-money sector, Covid 19

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In response to the Covid-19 situation, which saw many UK financial institutions enacting their contingency plans, the FCA issued a statement yesterday setting out their expectations on firms.   

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Safeguarding the customers’ money

[fa icon='calendar'] 17-Mar-2020 17:17:30 / by Alison Donnelly posted in Payments sector, E-money sector, safeguarding

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Crown Currency Exchange, a business based in Cornwall that sold currency mainly to consumers for holiday spending but was also a small payment institution, collapsed on 4 October 2010 owing £22 million to more than 12,000 customers. In the days and weeks that followed there were, naturally, many angry questions put to the government and the regulator, the Financial Services Authority (FSA), by those who lost money and their representatives as to why this was able to happen.

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Covid-19: A wake up call to focus on Business Continuity Plans

[fa icon='calendar'] 13-Mar-2020 15:12:50 / by Jamie Cooke posted in In the Media

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In the past four weeks, we have seen the highly infectious coronavirus be declared a global pandemic and make its way into conversations at every level of society. What started as a trivial water cooler discussion topic in early January which people compared to the outbreak to the common flu has now sent the world into lockdown and global markets into freefall. For us and our clients the current situation presents a case in which many firm’s business continuity plans may be tested and therefore ensuring these are effective and appropriate is of the upmost concern.  

In writing this article I am trying to provide advice and awareness for our clients on the importance of reviewing their business continuity plans especially whenever we are all faced with macro events such as Covid-19. As advisors I do feel that flagging regulatory issues and supervisor warnings (such as the FCA notice last week regarding continuity planning) is an important part of our remit. This is even more relevant whenever we are facing events that are as serious as Covid-19.  

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EPA publishes collaborative report to debate payments regulation ahead of PSD3

[fa icon='calendar'] 12-Mar-2020 11:07:21 / by fscom Team posted in Payments sector, E-money sector

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The Emerging Payments Association (EPA), which celebrates collaboration and innovation within new and existing finance companies, has published its first report to address the issues from the second Payment Services Directive (PSD2).

The report, made up of six contributed articles from leading industry figures, also gives practical feedback for the next iteration of the directive. The paper has been launched in response to growing frustrations within the payments industry regarding Payment Service Providers’ (PSPs) inability to keep up with the ever-evolving legislation laid out by regulatory bodies.

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Authorised push payments fraud and the expanded role of the Financial Ombudsman

[fa icon='calendar'] 02-Mar-2020 08:48:04 / by Alison Donnelly posted in Payments sector, E-money sector

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Authorised push payment (APP) scams were a hot topic in 2019 with the authorities taking a series of three coordinated actions to push down on APP fraud. One measure, a change in the remit of the financial ombudsman, has been in place for a full year now but, in response to our freedom of information request, the Financial Ombudsman Service has told us that they do not capture data in such a way that enables them to tell us whether anyone has made use of the new right.

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