fscom News and Events

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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fscom Announces Appointment of New CISO

[fa icon='calendar'] 21-Sep-2017 20:17:39 / by fscom Team posted in PSD2, GDPR, Appointments

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We're delighted to introduce James Donnelly, our recently appointed Chief Information Security Officer (CISO). In his role, James will be responsible for helping clients understand and meet their obligations to protect and uphold the data-rights and freedoms of their customers and employees.
 
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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, E-money, FCA, Compliance, Payment services

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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, Payment services

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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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The Top 4 Regulatory Challenges for FinTechs in 2017

[fa icon='calendar'] 13-Apr-2017 08:22:27 / by Philip Creed posted in PSD2, 4MLD, GDPR, FINTECH, BREXIT

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