fscom News and Events

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

[fa icon='calendar'] 27-Feb-2019 16:41:10 / by James Borley posted in BREXIT, Regulatory compliance, Payments sector, E-money sector

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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.

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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 BREXIT, authorisation, Regulatory compliance, Payments sector, E-money sector

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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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New Rules for Payment and E Money Institutions

[fa icon='calendar'] 29-Oct-2018 15:00:00 / by Alison Donnelly posted in PSD2, Regulatory compliance, Payments sector, E-money sector

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New rules for payment and e-money institutions 

Over the past couple of months, the FCA has been consulting on whether to apply the Principles for Businesses, and some other Handbook rules, to payment and e-money institutions and registered account information service providers. This marks another step in the FCA’s journey towards greater supervision of the non-bank payment services sector.  

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Brexit: Doubling up in Dublin?

[fa icon='calendar'] 26-Oct-2018 17:09:38 / by James Borley posted in BREXIT, authorisation, Regulatory compliance, Payments sector, E-money sector

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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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Brexit: Autobahn to Authorisation?

[fa icon='calendar'] 16-Oct-2018 14:19:52 / by James Borley posted in BREXIT, authorisation, Regulatory compliance, Payments sector, E-money sector

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Brexit: A lifeline in Lithuania?

[fa icon='calendar'] 25-Sep-2018 09:45:22 / by James Borley posted in BREXIT, authorisation, Regulatory compliance, Payments sector, E-money sector

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Brexit: Out of the EU...back to Brussels?

[fa icon='calendar'] 06-Sep-2018 20:49:56 / by James Borley posted in BREXIT, authorisation, Regulatory compliance, Payments sector, E-money sector

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Following my well-received blog about the ACPR’s approach to UK payment/e-money institutions applying for authorisation in France as part of their Brexit strategy, it was almost obvious that I should follow this up with consideration of near-neighbours Belgium. 

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

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Complaints handling - what does good look like?

[fa icon='calendar'] 29-Aug-2018 16:30:49 / by Rachel Stevenson posted in Regulatory compliance, Payments sector, E-money sector, Training

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Brexit: All roads lead to...Paris?!

[fa icon='calendar'] 28-Aug-2018 14:45:59 / by James Borley posted in BREXIT, authorisation, Regulatory compliance, Payments sector, E-money sector

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Open Banking; not just for banks

[fa icon='calendar'] 17-Aug-2018 12:32:15 / by Alison Donnelly posted in challengerbanks, Regulatory compliance, Payments sector, E-money sector, Open Banking and SCA

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How is your business preparing for Open Banking? According to a HM Treasury paper published earlier this month, Open Banking ha s the potential to ‘boost UK GDP by more than £1 billion annually.’ The Paper heralds the advantages of openness and data sharing generally across sectors of the economy and discusses the government’s strategy to ‘put the UK at the forefront of the AI and data revolution.’ And indeed, the free flow of data has key advantages in terms of data analytics and personalising the sale of goods and services to customers.
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