fscom News and Events

Countdown to No-Deal Brexit (or not)

[fa icon='calendar'] 06-Sep-2019 17:19:15 / by James Borley posted in PSD2, Payment services, BREXIT, authorisation, passporting, payments, Payments sector

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At the beginning of February this year, eight weeks prior to the original 29th March Brexit date, we published a blog entitled “No-deal Brexit – is there a regulatory backstop?” In this blog, we attempted to summarise what firms could expect in the event we crashed out having failed to agree transitional provisions with the EU27. Eight months, four failed votes and one prime minister later we find ourselves in a painfully similar situation eight weeks before the new Brexit date of 31st October. In this blog we will revisit some the issues addressed in our initial blog, and how these may have changed since the time of writing. I write this though at a time of the utmost uncertainty, with legislation proposed to remove the possibility of No Deal, another Prime Minister under threat, and the possibility of a General Election that might yet result in a new referendum. Nevertheless, let’s deal with the here and now…

Regulatory position

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Dear CEO: Safeguarding attestation required by 31 July 2019

[fa icon='calendar'] 08-Jul-2019 10:39:45 / by Rachel Stevenson posted in E-money, payments, Regulatory compliance, safeguarding

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On the 4 July 2019, the FCA released a ‘Dear CEO’ letter that addressed both the positive and negative practices of non-bank Payment Service Providers (“PSPs”) as they seek to comply with their obligations to safeguard customers’ funds. The FCA identified a number of failings in the safeguarding processes of the 11 PSPs it reviewed over a six-month period and has set out mandatory actions for PSPs.

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