fscom News and Events

Brexit: Doubling up in Dublin?

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

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

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REP018: Can you refresh my memory?

[fa icon='calendar'] 09-Oct-2018 11:00:00 / by Stephen Watkins posted in PSD2, Payment services, Risk Assessments

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Discussing reporting obligations with our payments clients recently has revealed a lack of awareness of REP018, a report driven by the requirements of the second payment services directive (PSD2). PSD2 included Article 95(2), which requires payment services providers (PSPs) to report to the competent authority with an operational and security risk assessment. So, what is REP018 and why has it caught so many by surprise?

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REP018, Open Banking and the InfoSec Challenges facing the Payments Industry

[fa icon='calendar'] 10-Sep-2018 09:55:00 / by Alison Donnelly posted in PSD2, E-money, Compliance, Payment services, GDPR

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Brexit: Out of the EU...back to Brussels?

[fa icon='calendar'] 06-Sep-2018 20:49:56 / by James Borley posted in PSD2, E-money, FCA, Payment services, BREXIT

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Following my well-received blog about the ACPR’s approach to UK payment/e-money institutions applying for authorisation in France as part of their Brexit strategy, it was almost obvious that I should follow this up with consideration of near-neighbours Belgium. 

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

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Complaints handling - what does good look like?

[fa icon='calendar'] 29-Aug-2018 16:30:49 / by Rachel Stevenson posted in PSD2, FCA, Compliance, Complaints

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Brexit: All roads lead to...Paris?!

[fa icon='calendar'] 28-Aug-2018 14:45:59 / by James Borley posted in PSD2, E-money, FCA, Compliance, Payment services, BREXIT

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Open Banking; not just for banks

[fa icon='calendar'] 17-Aug-2018 12:32:15 / by Alison Donnelly posted in PSD2, E-money, Payment services

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How is your business preparing for Open Banking? According to a HM Treasury paper published earlier this month, Open Banking ha s the potential to ‘boost UK GDP by more than £1 billion annually.’ The Paper heralds the advantages of openness and data sharing generally across sectors of the economy and discusses the government’s strategy to ‘put the UK at the forefront of the AI and data revolution.’ And indeed, the free flow of data has key advantages in terms of data analytics and personalising the sale of goods and services to customers.
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“Mirror, Mirror on the wall, who is the fairest (regulator) of them all?”

[fa icon='calendar'] 06-Aug-2018 11:53:11 / by James Borley posted in PSD2, E-money, Payment services, FINTECH, BREXIT

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For some, Brexit may still seem like something out of a fairy tale but, whether you are for or against, it will become a reality next March 2019.

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

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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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