fscom News and Events

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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How Will PSD2 Affect Charities - The Forgotten Sector

[fa icon='calendar'] 20-Apr-2018 14:35:58 / by fscom Team posted in PSD2, Compliance

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There has been a lot of talk in the financial sector surrounding the topic of PSD2; flagging deadlines, the implications of non-compliance and the opportunities open banking presents. But what about the other industries affected by the new regulation? From the charities and even the accountancy firms that now fall under the FCA’s watchful eye? Have they been forgotten about amid the vicissitudes?

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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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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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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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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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