fscom News and Events

Dear CEO: Safeguarding attestation required by 31 July 2019

[fa icon='calendar'] 08-Jul-2019 10:39:45 / by Rachel Stevenson posted in E-money, payments, Regulatory compliance, safeguarding

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AdobeStock_15177624On the 4 July 2019 the FCA released a ‘Dear CEO’ letter that addressed both the positive and negative practices of non-bank Payment Service Providers (“PSPs”) as they seek to comply with their obligations to safeguard customers’ funds. The FCA identified a number of failings in the safeguarding processes of the 11 PSPs it reviewed over a six-month period and has set out mandatory actions for PSPs.

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Dear CEO: The Principles of being the Principal

[fa icon='calendar'] 28-Jun-2019 10:34:56 / by James Borley posted in Regulatory compliance, Trading and Broking sector, Regulatory compliance advisory, Payments sector

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In May of this year, the FCA released a ‘Dear CEO’ letter that addressed the failings of principal firms within the investment management sector. The FCA found that investment management firms (“principals”) failed to appropriately control and oversee their Appointed Representatives (ARs). There is an interesting takeaway from this letter for the payment services market regarding the relationship between The Principles for Businesses and agents.

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