fscom News and Events

Why use a compliance consultant?

[fa icon='calendar'] 15-Jun-2021 12:24:18 / by Dipesh Patel posted in Regulatory compliance advisory, Payments sector, E-money sector, Investments, Consultancy

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When it comes to the subject of using consultancy firms, companies and individuals within the same company have differing views on the pros and cons of seeking outsourced compliance support. In this article, Jayne Donnelly, Compliance Associate in boutique regulatory compliance consultancy, fscom interviews recently appointed Senior Manager Dipesh Patel to explore the topic further.

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Let’s talk about Strong Customer Authentication: CP21/3

[fa icon='calendar'] 29-Apr-2021 17:49:45 / by Greg James posted in SCA, Payments sector, E-money sector

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In this fourth blog in our series on the FCA’s CP21/3 consultation, Greg James looks at the proposed changes to strong customer authentication (SCA); one of the most contentious regulatory developments introduced by the second Payment Services Directive (PSD2).

The FCA has made a clear effort to alleviate some of the strain on the customer journey, however with new guidance inevitably comes new questions. We have broken down the changes into those that will generate the most conversation and those that are simply explicit confirmations in existing guidance.

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EEA payment and e-money institutions after Brexit: CP21/3

[fa icon='calendar'] 28-Apr-2021 15:42:22 / by Dipesh Patel posted in fincrime, authorisation, TPR, Payments sector, E-money sector, safeguarding

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For the EEA payment service providers now in the FCA’s reach because of Brexit, the past few months have been a sharp learning curve as to expectations. CP21/3 provides a steer through the proposed changes to the Payment Services and Electronic Money Approach Document.

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Open Banking after Brexit: CP21/3

[fa icon='calendar'] 30-Mar-2021 12:35:51 / by Colin Sloan posted in FCA, Payments sector, E-money sector, open banking

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The FCA has proposed new guidance on Open Banking, charting its first course of regulatory divergence in the area after Brexit.[1] As detailed below, among other things, the FCA is proposing to make dedicated interfaces mandatory for many payment account providers (ASPSPs).[2]

 

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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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Payments, financial resilience and wind-down plans

[fa icon='calendar'] 08-Jan-2021 14:26:36 / by Aoife Quinn posted in FCA, Payments sector, E-money sector, winddown planning

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Yesterday, the FCA published survey results that will not have surprised many in the sector. As at the end of October 2020, 4,000 financial service firms were identified with low financial resilience, with the Payments & E-money sector having the lowest proportion of profitable firms.

 

Certainly, this past year has brought many challenges for us all, and the picture for the sector, from what we see, is a mix bag of fortunes with some clients doing very well and others feeling the financial realities too keenly.

 

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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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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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Bank of England announces supervisory and prudential policy measures to address the challenges of Covid-19

[fa icon='calendar'] 25-Mar-2020 10:40:57 / by Jamie Cooke posted in Payments sector, E-money sector, Covid 19, Investments

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As a result of the unprecedented Covid-19 outbreak, The Bank of England (BoE) and Prudential Regulation Authority (PRA) have announced several measures seeking to reduce potential operational stresses on both PRA-regulated firms and Bank-regulated financial market infrastructures to allow them to continue providing crucial functions essential for the economy.

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