Last week, Project Regulator, which I lead on behalf of the Emerging Payments Association, hosted a special briefing on the new payments architecture organised by the inspirational and indefatigable, Anne Pieckielon, Director of Product and Strategy at bacs.
If you’ve been following the news over the past week or so you’ll no doubt be aware of the latest dossier on leaked information – titled the Paradise Papers – from the International Consortium of International Journalists (ICIJ).
At fscom we're passionate about adding real, measurable value to our FinTech clients through compliance. It seems this passion is paying off. In just six months we've grown our team of financial services experts by almost 60%, to meet demand for the our services from FinTech business.
And it doesn't look as though things are going to slow down any time soon. Increased client demand means we are currently looking for a Senior Compliance Associate to join our Information Security team and help our FinTech clients maintain the trust of their customers by securing their information assets.
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.
If you are a CEO, board member or otherwise involved in delivering a business strategy or IT you probably feel like you are walking around with a GDPR (General Data Protection Regulation) gremlin hanging on your back. It’s whispering the words ‘consent’, ‘processing’, ‘big fines’ and lets no forget ‘privacy statement’ into your ears day in, day out and as May 2018 approaches that soft whisper may start to feel like it’s becoming louder and more aggressive. The gremlin is feeding on continuous marketing emails, blogs (but hopefully not mine!) and newsletters arriving in your inbox with the nightmare scenarios for your company if you don’t get a move on and turn your business into a GDPR paradise. Employing their services to do so, of course.
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’.
We will be explaining everything payment and e-money institutions need to know about getting re-authorised under PSD2 and the impact of MiFID II on fx forward business in two separate briefings on 12 September.