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Alison Donnelly

Alison Donnelly
Alison Donnelly

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FCA consultation on changes for payment and e-money institutions: CP21/3

[fa icon='calendar'] 26-Mar-2021 13:08:35 / by Alison Donnelly posted in FCA, Payments sector, E-money sector, safeguarding

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For the payments compliance and regulation sector, 2021 has continued at the same frantic pace as 2020, with multiple consultations issued in the first quarter by HM Treasury, the PSR and the FCA.

 

In this series of blogs, fscom subject matter experts will analyse the changes proposed in the FCA’s CP21/3, issued at the end of January.

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New insolvency regime for payment and e-money institutions

[fa icon='calendar'] 04-Dec-2020 13:48:40 / by Alison Donnelly posted in Regulatory compliance, safeguarding, capital adequacy

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Yesterday HM Treasury issued a consultation on a proposed special administration regime for insolvent payment and e-money institutions.

Speed is clearly of the essence for the government as the statutory instrument was passed following only informal consultation with trade associations (and only comes into force next week[1]). This consultation is on the regulations and will close in six weeks’ time on 14 January. The rules of the regime will be published in a fortnight’s time and will be subject to consultation until 28 January.

 

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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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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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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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Back to Brexit: Temporary Permissions Regime for EEA firms – Your Key Questions Answered

[fa icon='calendar'] 15-Apr-2020 16:28:48 / by Alison Donnelly posted in BREXIT

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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.

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Safeguarding the customers’ money

[fa icon='calendar'] 17-Mar-2020 17:17:30 / by Alison Donnelly posted in Payments sector, E-money sector, safeguarding

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Crown Currency Exchange, a business based in Cornwall that sold currency mainly to consumers for holiday spending but was also a small payment institution, collapsed on 4 October 2010 owing £22 million to more than 12,000 customers. In the days and weeks that followed there were, naturally, many angry questions put to the government and the regulator, the Financial Services Authority (FSA), by those who lost money and their representatives as to why this was able to happen.

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Authorised push payments fraud and the expanded role of the Financial Ombudsman

[fa icon='calendar'] 02-Mar-2020 08:48:04 / by Alison Donnelly posted in Payments sector, E-money sector

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Authorised push payment (APP) scams were a hot topic in 2019 with the authorities taking a series of three coordinated actions to push down on APP fraud. One measure, a change in the remit of the financial ombudsman, has been in place for a full year now but, in response to our freedom of information request, the Financial Ombudsman Service has told us that they do not capture data in such a way that enables them to tell us whether anyone has made use of the new right.

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Capital adequacy: Brace for impact

[fa icon='calendar'] 20-Feb-2020 16:19:51 / by Alison Donnelly posted in Payments sector, E-money sector, safeguarding

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The Financial Conduct Authority (FCA) is taking every opportunity to warn payment and e-money institutions over “unacceptable” practices in safeguarding client funds, as well as around risk governance and financial management. 

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