fscom News and Events

Vulnerable Customers: FCA publishes new guidance on firms’ responsibilities

[fa icon='calendar'] 25-Feb-2021 16:53:59 / by Dipesh Patel posted in E-money, FCA, payments, Vulnerable Customers

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In this blog, Dipesh Patel discusses the FCA's finalised guidance on firm's responsibilities to ensure they are treating vulnerable customers fairly.

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BRIEFING: The UK Investment Firm Prudential Regime (IFPR)

[fa icon='calendar'] 15-Jan-2021 10:03:46 / by Jamie Cooke posted in FCA, Investment firms, MIFID II, Investments, IFPR

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In mid-December, the FCA issued a consultation paper (CP20/24) in which it set out the basis for the rules it intends to apply to the prudential requirements for UK investment firms authorised under MiFID II.

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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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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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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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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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SM&CR – The Regulators’ Expectations of Firms

[fa icon='calendar'] 08-Apr-2020 15:05:20 / by Jamie Cooke posted in E-money, FCA, Payment services, Covid 19

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The FCA last week published a statement in which they set out their expectations of solo-regulated firms operating under the ongoing strain of COVID-19. While emphasising the need for ever-adaptive governance arrangements in the face of an evolving challenge, the FCA have clarified that no single Senior Manager is expected to assume responsibility for a firm’s coronavirus response. In addition to this and regarding dual-regulated firms, a joint statement released by the FCA in collaboration with the PRA demonstrated the regulators’ intention to assume a more flexible approach under the current circumstances.

 

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FCA issues statement on Covid-19

[fa icon='calendar'] 18-Mar-2020 16:54:52 / by Jamie Cooke posted in FCA, Payments sector, E-money sector, Covid 19

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In response to the Covid-19 situation, which saw many UK financial institutions enacting their contingency plans, the FCA issued a statement yesterday setting out their expectations on firms.   

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