For some, Brexit may still seem like something out of a fairy tale but, whether you are for or against, it will become a reality next March 2019.
The implementation of MiFID II in January triggered a significant change in the blanket treatment of FX forwards in the UK and, as a result, non-deliverable forwards (NDFs) became regulated products and overnight were reclassified as contracts for difference (CFDs). Any FX brokers that wished to continue offering NDFs were forced to apply to the FCA to obtain the relevant investment firm regulatory permissions in order to continue providing the same range of FX products they had always offered their clients.
At what point does empowering individuals to be ‘masters of their own personal data destiny’ encroach on a payment service provider's legal responsibility to prevent fraud, safeguard its venture and limit criminal activity?
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.
With all the excitement around re-authorisation, the ban on credit card surcharges and the new payment services activities, the less headline grabbing regulatory changes introduced by the second payment services directive (PSD2) have been somewhat overlooked. One of these changes relates to complaint handling.
We are delighted to announce that Alison Donnelly, Director and Head of Advisory at fscom, has recently been awarded not only one, but two top industry awards.
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).