fscom News and Events

‘Smile’ and bear it: operational resilience and the Co-operative Bank

[fa icon='calendar'] 16-Jul-2020 16:17:24 / by Greg James posted in Cybersecurity

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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. 

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FCA: temporary prudential guidance for payment and e-money institutions

[fa icon='calendar'] 10-Jul-2020 12:36:07 / by Alison Donnelly posted in FCA, Payment services, E-money sector, safeguarding

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FCA Announces Wind-down Plan Requirements

[fa icon='calendar'] 10-Jul-2020 11:15:00 / by Alison Donnelly posted in FCA, Payment services, E-money sector, winddown planning

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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.

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Does your business deal in crypto? Priority cryptoasset registration applications deadline fast approaching

[fa icon='calendar'] 22-Jun-2020 17:02:44 / by Colin Sloan posted in 5MLD, cryptocurrency, Cryptoassets

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The 30 June deadline for crypto asset applications to receive a priority review from the FCA is fast approaching. 

As you may be aware, cryptoasset exchange providers and custodian wallet providers have been included in the AML supervisory regime by virtue of 5MLD. This inclusion was implemented in the UK by virtue of The Money Laundering and Terrorist Financing (amendments) Regulations 2019 which came into force on the 10 January this year.

Cryptoasset exchanges and custodian wallet providers are now therefore subject to the full range of AML obligations under the Money Laundering Regulations 2017 (MLRs), including customer due diligence, suspicious activity reporting, transaction monitoring obligations, etc.

Furthermore, the UK government has given the FCA powers to supervise and enforce the requirements laid out within the MLRs. As such, these firms must now register with the regulator.

 

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Webinar: Everything you need to know about drafting a winddown plan

[fa icon='calendar'] 12-Jun-2020 14:44:14 / by Alison Donnelly posted in FCA, Payment services

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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.

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The FCA's Financial Resilience Survey

[fa icon='calendar'] 08-Jun-2020 16:42:37 / by Colin Sloan posted in E-money, FCA, Payment services, Covid 19, financial resilience, capital adequacy

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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.  

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FCA consultation on safeguarding and capital adequacy guidance

[fa icon='calendar'] 02-Jun-2020 17:25:40 / by Alison Donnelly posted in E-money, FCA, Payment services, safeguarding, Covid 19

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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’.  

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The Digital Workplace: more than just digitising your services

[fa icon='calendar'] 28-May-2020 13:22:46 / by Philip Creed posted in E-money, Payment services, Covid 19

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How We Are Managing Our Mental Health in fscom

[fa icon='calendar'] 22-May-2020 12:15:13 / by Brona Cathcart posted in fscom, Covid 19

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Handling Complaints and Vulnerable Customers in COVID-19

[fa icon='calendar'] 13-May-2020 16:17:19 / by Rachel Stevenson posted in Payment services, Complaints, Payments sector, Covid 19

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