fscom News and Events

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, Regulatory compliance, Payments sector, E-money sector

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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, Cybersecurity

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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, Regulatory compliance, Payments sector, E-money sector

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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

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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, Payments sector, E-money sector

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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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PSD2 and MiFID II briefing events

[fa icon='calendar'] 01-Sep-2017 09:27:28 / by Rachel Stevenson posted in PSD2, MIFID II, Training

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We will be explaining everything payment and e-money institutions need to know about getting re-authorised under PSD2 and the impact of MiFID II on fx forward business in two separate briefings on 12 September. 

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Countdown to PSD2: what do payment service providers have to do? 

[fa icon='calendar'] 28-Jun-2017 20:20:24 / by Alison Donnelly posted in PSD2

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In six months’ time, the second Payment Services Directive (PSD2) will be implemented in the UK. And while we don’t yet have finalised implementing documents, progress is being made on what the realised directive will look like. 

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Who are the PSD2 payment initiation service providers?

[fa icon='calendar'] 03-May-2017 16:02:19 / by Alison Donnelly posted in PSD2, Payments sector

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  From January 2018, UK providers of payment initiation services will have to be authorised by the FCA under the Payment Services Regulations 2017, the legislation that implements the second Payment Services Directive, PSD2. The regulations, which were published by HM Treasury in draft form earlier this year, defines such services as ' a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider '.  
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Second Payment Services Directive (PSD2) dates for your diary

[fa icon='calendar'] 31-Mar-2017 23:57:35 / by Alison Donnelly posted in PSD2, Regulatory compliance, Payments sector

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The regulatory landscape is facing significant change over the incoming months with the implementation of four major European initiatives (impacting the payment services, anti-money laundering, investment and data protection regimes) creating a whirlwind of change for compliance professionals and their regulated firms. And that’s aside from the changes and uncertainty flowing from Brexit! This article sets out the key dates that should be marked in your diary so that you can draw up your Second Payment Services Directive (PSD2) - readiness plan.

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Crisis management under PSD2: what you need to know

[fa icon='calendar'] 31-Mar-2017 23:53:29 / by Alison Donnelly posted in PSD2, Regulatory compliance, Payments sector

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The technical glitch that left thousands of customers of high profile fintech start-ups without access to their money last month should act as a major wake up call to payment services providers across the UK.

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