fscom News and Events

Capital adequacy: Brace for impact

[fa icon='calendar'] 20-Feb-2020 16:19:51 / by Alison Donnelly posted in Payments sector, E-money sector, safeguarding

[fa icon="comment"] 0 Comments

The Financial Conduct Authority (FCA) is taking every opportunity to warn payment and e-money institutions over “unacceptable” practices in safeguarding client funds, as well as around risk governance and financial management. 

Read More [fa icon="long-arrow-right"]

2020 Regulatory Outlook – Top Themes for Financial Services for the Year Ahead

[fa icon='calendar'] 13-Feb-2020 12:00:00 / by fscom Team posted in BREXIT, 5MLD, Payments sector, safeguarding, Cybersecurity, Cryptoassets

[fa icon="comment"] 0 Comments

Read More [fa icon="long-arrow-right"]

Capital adequacy: Brace for impact

[fa icon='calendar'] 22-Oct-2019 16:15:12 / by Alison Donnelly posted in Payments sector, E-money sector, safeguarding

[fa icon="comment"] 0 Comments

The Financial Conduct Authority (FCA) is taking every opportunity to warn payment and e-money institutions over “unacceptable” practices in safeguarding client funds, as well as around risk governance and financial management. 

 

Read More [fa icon="long-arrow-right"]

The Brexit Saga Continues

[fa icon='calendar'] 17-Oct-2019 16:33:50 / by James Borley posted in BREXIT, Payments sector, E-money sector

[fa icon="comment"] 0 Comments

The Brexit saga continues, but what does the FCA expect from you?

Read More [fa icon="long-arrow-right"]

Brexit Firm Awareness

[fa icon='calendar'] 02-Oct-2019 17:43:37 / by James Borley posted in BREXIT, Payments sector, E-money sector

[fa icon="comment"] 0 Comments

One month ahead of the (latest) impending Brexit day, the general feeling among firms remains one of confusion. As it stands, the assurance one can usually take in the statutory process appears to have gone out the window. In the past week, we have seen the Supreme Court rule that PM Boris Johnson’s prorogation of Parliament was an unlawful attempt to subdue the scrutiny Parliament is expected to place on the Executive. Furthermore, the Benn Act was passed by Parliament, prior to the Prime Minister’s attempt to prorogue it, aimed at preventing Government from committing the UK to a No Deal Brexit. While this is now a legal obligation for the Executive, the Prime Minister has publicly said he will ignore it and plans to see that the UK leaves on the 31st of October, “do or die”.   

 

Read More [fa icon="long-arrow-right"]

Outsourcing function, not responsibility

[fa icon='calendar'] 30-Sep-2019 19:47:52 / by Alison Donnelly posted in Regulatory compliance, Payments sector, E-money sector

[fa icon="comment"] 0 Comments

As of today, credit institutions, MiFID investment firms, e-money institutions and payment institutions must maintain a register of outsourcing agreements that can be made available to the FCA on request and new arrangements must meet the European Banking Authority (‘EBA’) Guidelines. Existing arrangements must be made compliant by the end of 2020.

Read More [fa icon="long-arrow-right"]

Meeting the IT Requirements of PSD2

[fa icon='calendar'] 25-Sep-2019 08:23:00 / by Alison Donnelly posted in PSD2, Regulatory compliance, Regulatory compliance advisory, Payments sector, E-money sector, Cybersecurity

[fa icon="comment"] 0 Comments

Read More [fa icon="long-arrow-right"]

Authorised Push Payments - Confirmation of Payee

[fa icon='calendar'] 12-Sep-2019 09:47:27 / by Alison Donnelly posted in PSD2, Payments sector, E-money sector

[fa icon="comment"] 0 Comments

Firing off an email to the wrong recipient can be embarrassing however sending funds to the wrong beneficiary is not only negligent but can also be costly. With £350 million worth of payments misdirected in 2018 alone and £145 million each year going unrecovered; the benefit of implementing a system to check the name on the account as a way of decreasing the volume is clear.  

 

Read More [fa icon="long-arrow-right"]

Countdown to No-Deal Brexit (or not)

[fa icon='calendar'] 06-Sep-2019 17:19:15 / by James Borley posted in PSD2, Payment services, BREXIT, authorisation, passporting, payments, Payments sector

[fa icon="comment"] 0 Comments

At the beginning of February this year, eight weeks prior to the original 29th March Brexit date, we published a blog entitled “No-deal Brexit – is there a regulatory backstop?” In this blog, we attempted to summarise what firms could expect in the event we crashed out having failed to agree transitional provisions with the EU27. Eight months, four failed votes and one prime minister later we find ourselves in a painfully similar situation eight weeks before the new Brexit date of 31st October. In this blog we will revisit some the issues addressed in our initial blog, and how these may have changed since the time of writing. I write this though at a time of the utmost uncertainty, with legislation proposed to remove the possibility of No Deal, another Prime Minister under threat, and the possibility of a General Election that might yet result in a new referendum. Nevertheless, let’s deal with the here and now…

Regulatory position

Read More [fa icon="long-arrow-right"]

Suspicious Activity Reports – The Importance of Getting it Right!

[fa icon='calendar'] 02-Sep-2019 16:16:16 / by Philip Creed posted in fincrime, Payments sector, E-money sector

[fa icon="comment"] 0 Comments

Read More [fa icon="long-arrow-right"]