Payment and e-money institutions have long called for clearer guidance on the FCA’s expectations of how they meet their obligation to protect customers’ funds. Friday week ago, the FCA issued a consultation on temporary guidance they wish to put in place on safeguarding and capital adequacy ‘in light of the exceptional circumstances of the coronavirus pandemic’.
Brexit talks, which had been postponed due to the pandemic, are to be reconvened today with European Union and British negotiators attempting to salvage the very tight schedule they had set themselves to agree a deal.
An estimated 301 EEA payment and e-money institutions operate in the UK. Below, we set out the key implications to these firms of the transitional period, the Temporary Permissions Regime and we have set out, in an easy to follow question and answer format, what the implications of the deal will be for those offering payment services to UK customers.
The FCA last week published a statement in which they set out their expectations of solo-regulated firms operating under the ongoing strain of COVID-19. While emphasising the need for ever-adaptive governance arrangements in the face of an evolving challenge, the FCA have clarified that no single Senior Manager is expected to assume responsibility for a firm’s coronavirus response. In addition to this and regarding dual-regulated firms, a joint statement released by the FCA in collaboration with the PRA demonstrated the regulators’ intention to assume a more flexible approach under the current circumstances.
With my NICyber hat on last week I helped run a webinar about the new challenges facing us all in this new normal that we now find ourselves. In this post, I will share some additional thoughts about some best practices for video and screensharing tools.
fscom’s Head of People, Brona Cathcart shares her insights into how the fscom team have been adapting to the shift in workplace dynamics over the past two weeks and her top tips for a productive and connected workforce.