For most financial services firms it is probably fair to say that the second week of August is not the most productive week of the year, given that it’s bang in the middle of the holiday season, when staff at all levels are either on leave or have just returned.
Whilst it is natural in such circumstances that firms focus largely on their customer service fundamentals, it remains equally important that all other obligations are properly addressed, including any unscheduled requirements not foreseen when the holiday rotas were being drawn up.
The response to the FCA’s Dear CEO letter issued to investment firms on 24 July falls into this category. It is due on Friday (14 August).
In this blog, Simon Whittaker and Greg James discusses the recent outages faced by Smile, an online banking service offered by the Co-operative Bank.
The Co-operative Bank has been no stranger to operational issues affecting its app and web services over the past few years and, yet again, it has suffered issues. The recent outages, with the accompanying customer impact, illustrates common issues and why the regulators are emphasising the importance of building operational resilience in financial services.
The FCA has, yesterday, told payment and e-money institutions that they must produce wind-down plans (WDP) as a condition of authorisation. The move is the latest in a chain of measures designed to reinforce the integrity of the UK’s financial system by protecting consumers from undue economic harm in the case of an institution’s collapse.
The 30 June deadline for crypto asset applications to receive a priority review from the FCA is fast approaching.
fscom will be hosting a webinar on what should be included in a regulated firm’s winddown plan to help clients with the complex task of drafting their own. The webinar will be free to join and of interest to clients in the payments and e-money, cryptocurrency, banking and investment sectors.
As we enter our 12th week of lockdown, the FCA has begun a process to obtain regular, specific data from a substantial number of firms to better predict the vulnerability of financial services firms, and thereby the impact on consumers. E-money issuers, payment service providers, CFD providers, advisers and intermediaries are among the targeted sectors and emails advising those selected for the first batch have already arrived with our clients. In this blog I will explain what the FCA is looking for and what you should be doing.
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’.