fscom News and Events

fscom announces brand refresh

[fa icon='calendar'] 03-Apr-2019 15:22:50 / by fscom Team posted in fscom News

[fa icon="comment"] 0 Comments

fscom brand video

fscom is proud to announce a refresh of its brand identity.

 

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

Strong customer authentication: not as simple as just 2FA

[fa icon='calendar'] 22-Mar-2019 17:24:27 / by Alison Donnelly posted in E-money, Payment services, SCA

[fa icon="comment"] 0 Comments

In my previous blogs I have given you the basics of strong customer authentication (SCA) and explained how the exemptions could be used to minimise the disruption experienced by payment service users when making payments or accessing transaction information. In this blog, I will take a closer look at the details of the SCA obligations and explain why it’s not as simple as the much-mentioned two-factor authentication (2FA).

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

Brexit: Temporary Permissions Regime for EEA firms

[fa icon='calendar'] 19-Mar-2019 20:15:43 / by James Borley posted in FCA, Payment services, BREXIT, authorisation, passporting, TPR

[fa icon="comment"] 0 Comments

At the time of writing there are 10 days to go until the date (currently) written in UK and EU law on which the UK is scheduled to leave the European Union on March 29, 2019 – Brexit Day.

In anticipation of a ‘no deal’ Brexit, HM Treasury has enabled the FCA (and PRA) to create a Temporary Permissions Regime (TPR) whereby, at its simplest, EEA firms can effectively ‘grandfather’ their passports for a limited period beyond Brexit Day. 

This blog seeks both to remind EEA firms of the TPR, and the need and method to enter it, prior to Brexit Day (assuming that the current timetable remains), but also to highlight a couple of pitfalls for payments and e-money firms should they leave such notification to the very last moment.

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

Strong customer authentication: the exemptions explained

[fa icon='calendar'] 17-Mar-2019 21:05:50 / by Alison Donnelly posted in PSD2, E-money, Payment services, SCA

[fa icon="comment"] 0 Comments

In my previous blog, I outlined the basic requirements of the new obligation, brought in under PSD2 (the second Payment Services Directive), for all payment service providers to apply strong customer authentication (SCA) in certain circumstances. SCA has to be applied both when accessing payment account information and when initiating a payment transaction meaning that a customer checking their account and then paying a couple of bills would have to go through SCA multiple times in one session, which is far from ideal on the user-experience scale. To avoid this, you, as a payment service provider (PSP) can apply one of nine exemptions, if circumstances permit.

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

Strong customer authentication under PSD2: the basics

[fa icon='calendar'] 15-Mar-2019 10:57:00 / by Alison Donnelly posted in PSD2, Payment services, SCA

[fa icon="comment"] 0 Comments

 

Strong customer authentication (SCA) is a valid attempt by the EU to curb electronic payment fraud, including ‘card-not-present’ fraud. From a glance the concept is fairly simple, it will be a regulatory obligation to apply two factor authentication (2FA) to the electronic payment process. However, it’s not all quite as simple as that as SCA has more requirements than just the frequently touted 2FA. This blog will provide the basics on SCA and subsequent blogs will go into more detail on the exemptions and how SCA differs from simple 2FA.  

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

Brexit: FCA's guidance for dealing with your EEA clients

[fa icon='calendar'] 27-Feb-2019 16:41:10 / by James Borley posted in FCA, Payment services, BREXIT, ESMA, Investment firms, MIFID II, authorisation, passporting

[fa icon="comment"] 0 Comments

Several weeks ago, our Managing Director Jamie Cooke wrote a blog which discussed the position of UK-authorised firms with regard to EEA-resident clients. He pointed out that in the case of a ‘No Deal’ Brexit, a passporting UK firm will no longer be able to actively solicit EEA-based clients and discussed the lack of clarity regarding business initiated exclusively at the discretion of EEA-based clients.

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

Regbite: 'Dealing with PEPs and Sanctions'

[fa icon='calendar'] 19-Feb-2019 12:30:00 / by Evan McGookin posted in Compliance, Payment services, fincrime, regbite

[fa icon="comment"] 0 Comments

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

Brexit Planning: Understanding The Authorisation Process In EEA Jurisdictions

[fa icon='calendar'] 14-Feb-2019 11:00:00 / by James Borley posted in BREXIT, authorisation, passporting

[fa icon="comment"] 0 Comments


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

PEPs, Sanctions and Laundromat Scandals...

[fa icon='calendar'] 12-Feb-2019 11:36:57 / by Evan McGookin posted in fincrime, regbite, peps

[fa icon="comment"] 0 Comments

Last year saw an unwelcome re-emergence of the so-called ‘laundromat’ scandal; the term, which harks back to the dry-cleaning establishments into which Al Capone and the Chicago mob funnelled their ill-gotten gains, was popularly attributed to a large-scale criminal money laundering scheme (uncovered in 2014) in which $20.8bn was laundered out of Russia through 96 countries and, more recently, to the rapidly developing scandal involving Danske Bank and its Estonian subsidiaries.

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

No-deal Brexit – is there a regulatory backstop?

[fa icon='calendar'] 06-Feb-2019 16:35:00 / by Jamie Cooke posted in Compliance, BREXIT, authorisation

[fa icon="comment"] 0 Comments

Following another week of inconclusive Brexit debate at Westminster, the prospect of a disorderly, no-deal withdrawal seems, either by accident or design, to be looming larger on the horizon.

It occurs to me that whilst many UK authorised firms have made responsible plans for the migration of their European business, many such plans have reasonably assumed that either withdrawal would be governed by an EU / UK trade deal or that that the agreed transition period to 2020 would apply. Or perhaps both.

I expect that the immediacy of the 29 March is now concentrating the minds of boards in all firms whose applications to European regulators have yet to be approved. In particular, I suspect they will be urgently developing contingency plans for a no-deal Brexit, should one occur. (Download fscom's Brexit Planning E-book here)

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

Subscribe to Email Updates

Recent Posts