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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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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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