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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 Payment services, PSD2, FCA

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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: A lifeline in Lithuania?

[fa icon='calendar'] 25-Sep-2018 09:45:22 / by James Borley posted in BREXIT, Payment services, FCA, E-money, Compliance

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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, Payment services, E-money, PSD2, FCA

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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. 

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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 Complaints, PSD2, FCA, Compliance

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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, Payment services, Compliance, FCA, E-money, PSD2

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ESMA's temporary product intervention decisions: NDFs

[fa icon='calendar'] 03-Aug-2018 15:54:59 / by Rachel Stevenson posted in MIFID II, ESMA, Investment firms, FCA, BREXIT, NDFs

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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.

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What the FCA really wants from e-money and payment institutions

[fa icon='calendar'] 11-Jun-2018 17:00:00 / by Alison Donnelly posted in Payment services, FCA, E-money

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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.

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Got a complaint about a payment service?

[fa icon='calendar'] 08-Jun-2018 11:35:10 / by Rachel Stevenson posted in Payment services, Compliance, PSD2, E-money, FCA

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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.

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Inside the Regulator: PSD2 Deadline Day

[fa icon='calendar'] 13-Apr-2018 08:26:20 / by James Borley posted in Payment services, Compliance Assurance, Compliance, FCA, E-money, PSD2, fscom News

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The third in my trilogy of PSD2 blogs from ‘Inside the Regulator’. However, as we are now entering uncertain and uncharted territory, in terms of firms that failed to submit applications for re-authorisation in time, my insights are more presumptive than previously.  

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PSD2 - further inside the regulator

[fa icon='calendar'] 19-Mar-2018 17:40:38 / by James Borley posted in cryptocurrency, FINTECH, Payment services, FCA, PSD2, E-money

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Drawing on my experience of heading up the Payment Services Authorisations Team at the FCA for many years, I spoke last week (http://blog.fscom.co.uk/psd2-a-glimpse-inside-the-regulator) about the FCA’s expectations for authorisations and re-authorisations, and offered some insight into how they might approach the challenges brought about by PSD2. I now explore the risks inherent in firms wishing to ‘upgrade’ their licences, the new entrants under PSD2 and the FCA’s approach to supervision.

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