fscom News and Events

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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Meeting the InfoSec demands of PSD2 and GDPR

[fa icon='calendar'] 31-Jan-2018 10:00:00 / by Greg James posted in PSD2, E-money, Compliance, Payment services, GDPR, FINTECH

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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 PSD2, E-money, FCA, Payment services

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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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PSD2 spells the end of surcharges

[fa icon='calendar'] 22-Dec-2017 15:16:41 / by Alison Donnelly posted in PSD2, E-money, Compliance, Payment services

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When does a great deal turn out to be not such a great deal? When a credit card surcharge is added right at the end. Such hidden surcharges will be a thing of the past, mostly, come mid-January when the second Payment Services Directive (PSD2) is implemented.

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The RTGS game changer for payment and e-money institutions

[fa icon='calendar'] 09-Dec-2017 16:58:42 / by Alison Donnelly posted in Payment services

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Following on from my previous blog post, where I looked at the UK’s current and future payments architecture, one of the most interesting developments identified at the Project Regulator event that could be a game changer for payment and e-money institutions concerns the UK’s interbank real time gross settlement (RTGS) system.

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Improving the UK's payment systems

[fa icon='calendar'] 20-Nov-2017 09:53:52 / by Alison Donnelly posted in E-money, Compliance, Payment services

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Last week, Project Regulator, which I lead on behalf of the Emerging Payments Association, hosted a special briefing on the new payments architecture organised by the inspirational and indefatigable, Anne Pieckielon, Director of Product and Strategy at bacs.

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PSD2 questions and answers

[fa icon='calendar'] 13-Oct-2017 15:52:21 / by Alison Donnelly posted in PSD2, E-money, Payment services

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The gateway for PSD2 applications opens today. About 500 authorised payment institutions and e-money institutions and 150 payment initiation and account information service providers are expected to submit applications to the FCA over the next few months in order to be authorised by 13 January (in the case of payment initiation and account information service providers) or re-authorised by 12 July in the case of those firms already authorised.

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3 Approaches FinTechs Are Using to Create a Competitive Advantage

[fa icon='calendar'] 04-Oct-2017 12:59:16 / by Jamie Cooke posted in Payment services, FINTECH

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