fscom News and Events

How are the third party providers (TPPs) faring under PSD2?

[fa icon='calendar'] 09-Mar-2018 09:14:44 / by Alison Donnelly posted in Payment services, FCA, PSD2, E-money

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It’s been five months since the FCA’s doors opened to applications from the new payment service providers, often referred to as third party providers (TPPs), and two months since they could appear on the Register so it’s a good time to ask how many have seized the opportunity presented by the second payment services directive (PSD2).

The answer is: ‘not so many’.

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A new year; a new payments landscape?

[fa icon='calendar'] 12-Jan-2018 23:40:13 / by Alison Donnelly posted in Payment services, E-money, PSD2, FCA

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To some, 13 January and the implementation of the second Payment Services Directive (PSD2) will be a significant milestone in their business’s path. They will be joining the community of the regulated financial services sector, which means that their owners and managers take on significant additional liability and are subject to a new level of scrutiny. They will have to meet certain standards and requirements ranging from the information they must give their customers to the type of insurance they must hold (in the case of the payment initiation and account information service providers) to how they treat client money (for authorised payment and e-money institutions and small e-money institutions).

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MiFID II: stay focussed and keep perspective

[fa icon='calendar'] 02-Jan-2018 22:08:06 / by Alison Donnelly posted in FCA, Compliance

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The second Markets in Financial Infrastructure Directive (MiFID II), and its accompanying regulation the Markets in Financial Infrastructure Regulation (MiFIR), are set to take effect tomorrow (3 January 2018) – some four and a half years after first being approved by the Council of the European Union (and after a year-long delay intended to allow for the development of the complex technical infrastructure required by firms for compliance with the incoming changes).

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There's an ICAAP to fit everyone; so wear it!

[fa icon='calendar'] 16-Aug-2017 15:19:32 / by Alison Donnelly posted in Compliance, FCA, ICAAP, IFPRU, BIPRU, E-money, Payment services

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Last year, the FCA sent a 'Dear CEO' letter about ICAAP. For those who don't know, the ICAAP is a process a firm follows to assess the risks it’s facing currently and in the foreseeable future and calculate an amount of capital it should hold as a buffer against those risks.

The letter was a warning that the exercise shouldn't be a quick totting up of sums without any real engagement in the process. It went only to IFPRU investment firms, though BIPRU firms also have to do ICAAPs. Payment and e-money institutions don't have to do an ICAAP but as those who are tackling their re-authorisation application know, PSD2 places strong emphasis on understanding and managing risks. 

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Countdown to PSD2: what do payment service providers have to do? 

[fa icon='calendar'] 28-Jun-2017 20:20:24 / by Alison Donnelly posted in Compliance, E-money, FCA, PSD2, Payment services

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In six months’ time, the second Payment Services Directive (PSD2) will be implemented in the UK. And while we don’t yet have finalised implementing documents, progress is being made on what the realised directive will look like. 

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Safeguarding guidance: FCA update

[fa icon='calendar'] 16-May-2017 17:22:02 / by Alison Donnelly posted in E-money, FCA, Payment services

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The FCA’s proposed interpretation of the safeguarding obligation is causing serious concern in the industry. Under the new guidance, payment and e-money institutions will be expected to match the value of payments they make on behalf of their clients from their own funds because they will have to both keep the value in a safeguarding account and remit it to the payee.

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FX forwards: in or out of scope under MiFID II?

[fa icon='calendar'] 13-Apr-2017 18:03:15 / by Alison Donnelly posted in Compliance, FINTECH, FCA

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For years, the UK charted a lonely but pragmatic course with its interpretation that deliverable FX forwards are not investment instruments. UK payment and e-money institutions can offer such products without requiring authorisation under the Financial Services and Markets Act 2000 (FSMA) while counterparts elsewhere in the EEA had to be regulated. The implementation of MiFID II in January 2018 will, among other things, confirm the UK’s position but the new definition is a little tighter than what we are used to in the UK and payment and e-money institutions must consider whether they want to remain unregulated.

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Crisis management under PSD2: what you need to know

[fa icon='calendar'] 31-Mar-2017 23:53:29 / by Alison Donnelly posted in PSD2, E-money, FCA, Payment services

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The technical glitch that left thousands of customers of high profile fintech start-ups without access to their money last month should act as a major wake up call to payment services providers across the UK.

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Effective Safeguarding: The Lessons Learnt from Towergate

[fa icon='calendar'] 30-Mar-2017 12:31:06 / by Alison Donnelly posted in Payment services, E-money, FCA

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