fscom News and Events

REP018 – Your Key Questions Answered!

[fa icon='calendar'] 08-Dec-2020 11:15:36 / by Greg James posted in Regulatory compliance, Cybersecurity, REP018

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In this blog, fscom’s operational and security expert, Greg James takes the time to answer all your key questions in relation to REP018 – the operational and security risk assessment that all payment service providers (PSPs) must submit to the regulator at least once a year.

 

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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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A simple guide to certifying staff under SM&CR

[fa icon='calendar'] 30-Nov-2020 12:36:41 / by Jamie Cooke posted in SMCR

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Within this blog, fscom’s Managing Director, Jamie Cooke discusses SM&CR, the revised timelines and shares a simple guide to certifying staff under the Senior Manager and Certification Regime.

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fscom achieves globally recognised certification, ISO 27001 for best practice in information security.

[fa icon='calendar'] 12-Nov-2020 16:46:19 / by fscom Team posted in fscom News, In the Media, Cybersecurity

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fscom achieves ISO 27001, demonstrating its unwavering commitment to enhancing the security of its information as we continue to work in the new ‘virtual reality’ to which we have all become accustomed.
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Supercapital – What happens when a payment (or e-money institution) becomes insolvent?

[fa icon='calendar'] 02-Oct-2020 09:10:01 / by Colin Sloan posted in Payment services, E-money sector, safeguarding

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Dear CEO Investment Firm Letter

[fa icon='calendar'] 10-Aug-2020 15:08:31 / by John Cairnduff posted in Investment firms, Investments

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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).

 

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‘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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