fscom News and Events

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 E-money, FCA, Payment services

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

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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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Alison Donnelly Scoops Top AML and Payments Services Awards

[fa icon='calendar'] 31-May-2018 10:44:01 / by fscom Team posted in Payment services, aml

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We are delighted to announce that Alison Donnelly, Director and Head of Advisory at fscom, has recently been awarded not only one, but two top industry awards.

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Introducing the New Payment Systems Operator

[fa icon='calendar'] 23-May-2018 16:24:01 / by Alison Donnelly posted in E-money, Payment services, FINTECH

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In a previous blog post, I took a look at the upcoming access changes to the UK’s RTGS system (the Clearing House Automated Payment System) and, in the blog post before that, the UK’s new payment architecture. In the latter, you might remember, we touched on the consolidation of three separate payment service operators (PSOs) – Bacs, Faster Payments Service and the Cheque & Credit Clearing Company – under a New Payments Service Operator (NPSO).

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Inside the Regulator: PSD2 Deadline Day

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

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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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GDPR: separating fact from fiction

[fa icon='calendar'] 10-Apr-2018 22:35:06 / by James Donnelly posted in Payment services, GDPR

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GDPR Fines! GDPR Fines! GDPR Fines! The war cry of solicitors and tech consultants across Europe for the past year has become so loud that it’s almost impossible to distinguish it from all the other noise on social media and in the news.

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PSD2 - further inside the regulator

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

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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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PSD2 - a glimpse inside the Regulator

[fa icon='calendar'] 13-Mar-2018 14:20:11 / by James Borley posted in PSD2, E-money, FCA, Compliance, Payment services

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Much of our time is, and seems always to have been, spent trying to interpret exactly what the regulations or, more importantly, the Regulator is expecting. A leading question asked by many compliance officers is, 'what do they expect of my company?'. This is often where the compliance consultant comes in.

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

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

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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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Comply or Die: How compliance audits can help FinTechs survive

[fa icon='calendar'] 08-Feb-2018 16:37:51 / by James Borley posted in 4MLD, PSR Audit, EMR Audit, Payment services, FINTECH

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‘Compliance’ is the watchword in financial services, perhaps more now than ever. With new rules and regulations being introduced across Europe, most notably 4MLD, MiFID II, PSD2 and GDPR, Heads of Compliance across multiple industry verticals are now under major pressure to ensure their processes and procedures are up to date, adequate and compliant.

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