fscom News and Events

The Current Role of Transaction Monitoring in AML

[fa icon='calendar'] 05-Apr-2019 07:48:00 / by Eoin Kearns posted in Compliance, Payment services, fincrime, regbite

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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

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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

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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)

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PSD2 – clock ticking for ‘live market’ AIS and PIS providers

[fa icon='calendar'] 17-Jan-2019 08:04:00 / by James Borley posted in PSD2, Compliance, Payment services

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As we marked the first anniversary of PSD2 implementation (at least, in the UK!) this week, there will doubtless be numerous conversation pieces and reflections about the success of PSD2 so far – and its relationship with Open Banking – and what more delights both have to offer in 2019, the year the UK is supposed to leave the European Union. 

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Be "reassured" of the benefits of external review

[fa icon='calendar'] 07-Dec-2018 11:49:00 / by James Borley posted in Compliance Audit, PSD2, Compliance, Payment services

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Assurance, or the use of auditors to search for problems at firms, can be very useful to the regulated community in all manner of ways, especially during the authorisation process or in respect of the EU's Payment Services Directive. 

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Stockholm as Post Brexit Destination - a swede choice?

[fa icon='calendar'] 13-Nov-2018 12:40:00 / by James Borley posted in PSD2, Compliance, Payment services, BREXIT

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As we embark upon yet another week of uncertainty regarding what Brexit deal, if any, the Prime Minister might secure, the latest in my Q&As with EU regulators sees me heading to Sweden. 

I fondly recall, back in my FSA days, visiting Finansinpektionen (the Swedish FSA) to find out more about the payments market in Sweden and how they approached licensing and supervision, given they were one of the few EU Member States that took advantage of article 26(1) of PSD1 to allow for ‘Small Payment Institutions’ (SPIs). Colleagues at Finansinspektionen were friendly, approachable and keen to exchange knowledge and experience, so I was hopeful that they would continue to be so despite my own departure from the regulator. I am thankful, therefore, to Roger Jacobsson for sparing the time to answer our standard questions regarding UK payment/e-money institutions looking to establish a second business in Europe to benefit from passporting rights.

(Download our Brexit Planning E-book here for an overview of different EU jurisdictions)

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Brexit: Doubling up in Dublin?

[fa icon='calendar'] 26-Oct-2018 17:09:38 / by James Borley posted in PSD2, Compliance, Payment services, BREXIT

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So, after weeks of conversations with various regulators across Europe, I am delighted to be able to share the views of the Central Bank of Ireland towards UK payment and e-money institutions looking to set up a new office in Ireland as part of their Brexit strategy. Since firms started thinking about their Brexit strategies, Ireland has often been mentioned by clients of fscom as their first consideration, principally based on common language and proximity. Indeed, being based in Belfast, we find our own proximity to Dublin to be particularly helpful in helping firms with the Central Bank.  As we have seen though, there are many other factors that need to be taken into account. As ever though, I do not pass comment on the Central Bank’s views in this article, preferring to simply pass them on to help you make up your own mind. So, thanks again to the Central Bank for granting me access and, in particular, to Russell Burke from the Payments Authorisation Team.

(Download our Brexit Planning E-book here for an overview of different EU jurisdictions)

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fscom warns of increasing sophistication of FinCrime

[fa icon='calendar'] 25-Oct-2018 08:00:00 / by Philip Creed posted in Compliance, fincrime, report

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Brexit: Autobahn to Authorisation?

[fa icon='calendar'] 16-Oct-2018 14:19:52 / by James Borley posted in PSD2, E-money, Compliance, Payment services, BREXIT

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Brexit Workshop: 'Speed Network EU Destinations for Your Perfect Match"

[fa icon='calendar'] 27-Sep-2018 11:45:00 / by James Borley posted in EMR Assurance, E-money, Compliance, PSR Assurance, Payment services, BREXIT

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