fscom News and Events

How the “challenger banks” have become the ‘challenged’ banks

[fa icon='calendar'] 28-Jan-2019 10:30:00 / by Jamie Cooke posted in FINTECH, PSD2, challengerbanks

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Better customer service, cleaner user interfaces, simpler language, spending insights and even gambling blocks…digital banks or ‘challenger banks’ as they are commonly referred to, have taken the UK banking market by storm and with features like these, no wonder they are signing up thousands of new customers every day. However, as the large incumbents awaken from their slumber, are they starting to realise they must fight back no matter how much they make light of these new players?

Jamie Cooke, Managing Director of fscom, gives his opinion...

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PSD2 – clock ticking for ‘live market’ AIS and PIS providers

[fa icon='calendar'] 17-Jan-2019 08:04:00 / by James Borley posted in Payment services, Compliance, PSD2

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As we marked the first anniversary of PSD2 implementation (at least, in the UK!) this week, there will doubtless be numerous conversation pieces and reflections about the success of PSD2 so far – and its relationship with Open Banking – and what more delights both have to offer in 2019, the year the UK is supposed to leave the European Union. 

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Happy New Year, welcome to the new world of REP017 fraud reporting

[fa icon='calendar'] 08-Jan-2019 16:32:16 / by Philip Creed posted in PSD2, Compliance Audit, fincrime

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Under PSD2, all payment services providers, including credit card providers, money remitters and e-money issuers, account information service providers (AISP) and payment initiation service providers (PISP) are required to file reports in relation to confirmed fraudulent activity, known as the REP017 report. 

The REP017 report provides the means for firms through Gabriel to provide the FCA with statistical data on fraud related to different means of payment which in turn is  aggregated  and shared with the European Banking Authority and European Central Bank.

The first submission for REP017 is scheduled for 31st January 2019 covering the period from the 13th January 2018 to 31st December 2018. For this period, the FCA have published an interim REP017 report to be completed.

This blog aims to give a high-level overview of who REP017 applies to, what transactions it captures and how the data on fraudulent transactions need to be categorised.

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18 days to go! REP018 - Are you ready?

[fa icon='calendar'] 14-Dec-2018 08:04:00 / by Alison Donnelly posted in Risk Assessments, Payment services, PSD2

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Be "reassured" of the benefits of external review

[fa icon='calendar'] 07-Dec-2018 11:49:00 / by James Borley posted in Payment services, Compliance, PSD2, Compliance Audit

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Assurance, or the use of auditors to search for problems at firms, can be very useful to the regulated community in all manner of ways, especially during the authorisation process or in respect of the EU's Payment Services Directive. 

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Countdown to REP018 - 31 December 2018

[fa icon='calendar'] 23-Nov-2018 08:46:00 / by Alison Donnelly posted in Risk Assessments, Payment services, PSD2

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Stockholm as Post Brexit Destination - a swede choice?

[fa icon='calendar'] 13-Nov-2018 12:40:00 / by James Borley posted in BREXIT, Payment services, Compliance, PSD2

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As we embark upon yet another week of uncertainty regarding what Brexit deal, if any, the Prime Minister might secure, the latest in my Q&As with EU regulators sees me heading to Sweden. 

I fondly recall, back in my FSA days, visiting Finansinpektionen (the Swedish FSA) to find out more about the payments market in Sweden and how they approached licensing and supervision, given they were one of the few EU Member States that took advantage of article 26(1) of PSD1 to allow for ‘Small Payment Institutions’ (SPIs). Colleagues at Finansinspektionen were friendly, approachable and keen to exchange knowledge and experience, so I was hopeful that they would continue to be so despite my own departure from the regulator. I am thankful, therefore, to Roger Jacobsson for sparing the time to answer our standard questions regarding UK payment/e-money institutions looking to establish a second business in Europe to benefit from passporting rights.

(Download our Brexit Planning E-book here for an overview of different EU jurisdictions)

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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: Doubling up in Dublin?

[fa icon='calendar'] 26-Oct-2018 17:09:38 / by James Borley posted in BREXIT, Payment services, Compliance, PSD2

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So, after weeks of conversations with various regulators across Europe, I am delighted to be able to share the views of the Central Bank of Ireland towards UK payment and e-money institutions looking to set up a new office in Ireland as part of their Brexit strategy. Since firms started thinking about their Brexit strategies, Ireland has often been mentioned by clients of fscom as their first consideration, principally based on common language and proximity. Indeed, being based in Belfast, we find our own proximity to Dublin to be particularly helpful in helping firms with the Central Bank.  As we have seen though, there are many other factors that need to be taken into account. As ever though, I do not pass comment on the Central Bank’s views in this article, preferring to simply pass them on to help you make up your own mind. So, thanks again to the Central Bank for granting me access and, in particular, to Russell Burke from the Payments Authorisation Team.

(Download our Brexit Planning E-book here for an overview of different EU jurisdictions)

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Brexit: Autobahn to Authorisation?

[fa icon='calendar'] 16-Oct-2018 14:19:52 / by James Borley posted in BREXIT, Payment services, Compliance, E-money, PSD2

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