fscom News and Events

Capital adequacy: Brace for impact

[fa icon='calendar'] 22-Oct-2019 16:15:12 / 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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The Brexit Saga Continues

[fa icon='calendar'] 17-Oct-2019 16:33:50 / by James Borley posted in BREXIT, Payments sector, E-money sector

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The Brexit saga continues, but what does the FCA expect from you?

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Brexit Firm Awareness

[fa icon='calendar'] 02-Oct-2019 17:43:37 / by James Borley posted in BREXIT, Payments sector, E-money sector

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One month ahead of the (latest) impending Brexit day, the general feeling among firms remains one of confusion. As it stands, the assurance one can usually take in the statutory process appears to have gone out the window. In the past week, we have seen the Supreme Court rule that PM Boris Johnson’s prorogation of Parliament was an unlawful attempt to subdue the scrutiny Parliament is expected to place on the Executive. Furthermore, the Benn Act was passed by Parliament, prior to the Prime Minister’s attempt to prorogue it, aimed at preventing Government from committing the UK to a No Deal Brexit. While this is now a legal obligation for the Executive, the Prime Minister has publicly said he will ignore it and plans to see that the UK leaves on the 31st of October, “do or die”.   

 

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Outsourcing function, not responsibility

[fa icon='calendar'] 30-Sep-2019 19:47:52 / by Alison Donnelly posted in Regulatory compliance, Payments sector, E-money sector

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As of today, credit institutions, MiFID investment firms, e-money institutions and payment institutions must maintain a register of outsourcing agreements that can be made available to the FCA on request and new arrangements must meet the European Banking Authority (‘EBA’) Guidelines. Existing arrangements must be made compliant by the end of 2020.

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Meeting the IT Requirements of PSD2

[fa icon='calendar'] 25-Sep-2019 08:23:00 / by Alison Donnelly posted in PSD2, Regulatory compliance, Regulatory compliance advisory, Payments sector, E-money sector, Cybersecurity

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Authorised Push Payments - Confirmation of Payee

[fa icon='calendar'] 12-Sep-2019 09:47:27 / by Alison Donnelly posted in PSD2, Payments sector, E-money sector

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Firing off an email to the wrong recipient can be embarrassing however sending funds to the wrong beneficiary is not only negligent but can also be costly. With £350 million worth of payments misdirected in 2018 alone and £145 million each year going unrecovered; the benefit of implementing a system to check the name on the account as a way of decreasing the volume is clear.  

 

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Suspicious Activity Reports – The Importance of Getting it Right!

[fa icon='calendar'] 02-Sep-2019 16:16:16 / by Philip Creed posted in fincrime, Payments sector, E-money sector

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REP017: Are You Ready To Submit Your Fraud Report by 31 August?

[fa icon='calendar'] 22-Aug-2019 17:11:09 / by Philip Creed posted in fincrime, Payments sector, E-money sector

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Under PSD2, payment services providers across the EU are required to provide statistical data on fraud to their respective competent authority.

In the UK, relevant firms are required to collect and submit data on the volume and value of all payment transactions, as well as the volume and value of fraudulent transactions, and provide this to the FCA through Gabriel using the REP017 report; this information is in turn aggregated and shared with the European Banking Authority and the European Central Bank.

Back in January, we released a blog to provide an overview of the FCA’s interim REP017 report to cover the reporting period between 13 January to 31 December 2018. However, since then, the FCA has released an updated and much expanded REP017 report (with most PSPs being switched to a bi-annual reporting period).

As with our last one, this blog aims to give a high-level overview of who REP017 applies to, what transactions it captures and how the data on fraudulent transactions need to be categorised; we will also detail the key changes in approach since then.

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Preparing for your AML Compliance Audit - top tips from the other side

[fa icon='calendar'] 20-Aug-2019 08:40:43 / by Philip Creed posted in AML Audit, fincrime, Payments sector, E-money sector

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Broken down to its most basic level, an audit is a method by which firms seek an external opinion on their policies, procedures, systems and controls. Rather than an exercise in detecting shortcomings and failures, the process of a compliance audit should be viewed as a means of testing an AML/CTF framework to identify opportunities to undertake enhancements as well as highlighting any issues. In essence, the intention is to provide assurance that the firm is operating in an compliant manner within its own specific regulatory framework.

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fscom features in Thomson Reuters

[fa icon='calendar'] 01-Aug-2019 16:39:41 / by James Borley posted in BREXIT, Regulatory compliance, Payments sector, E-money sector

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fscom's James Borley features in Thomson Reuters where he discusses the desire among payments firms for a better understanding of the licensing requirements of competent authorities in other European Economic Area (EEA) countries. View the full article below.   

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