fscom News and Events

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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Handling Complaints and Vulnerable Customers in COVID-19

[fa icon='calendar'] 13-May-2020 16:17:19 / by Rachel Stevenson posted in Payment services, Complaints, Payments sector, Covid 19

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Cross Border Payments Regulation 2

[fa icon='calendar'] 27-Apr-2020 13:29:35 / by Colin Sloan posted in Payment services, Payments sector, CBPR2

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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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Capital Stress Testing

[fa icon='calendar'] 19-Mar-2020 12:50:37 / by Colin Sloan posted in Payments sector, E-money sector, Covid 19

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I delivered a training session on capital adequacy last week. The irony of delivering the session on the cusp of such a capital-stressful situation was clear to all in the room and many subsequent conversations focused on the steps that these payment and e-money institutions were, and would be, taking to deal with the crisis.

In a blog last week, our Managing Director, Jamie Cooke, commented on the business continuity measures that firms should take in light of the pandemic. In this post, I will set out what payment and e-money institutions are doing (and should be doing) as they brace for the pandemic.

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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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Safeguarding the customers’ money

[fa icon='calendar'] 17-Mar-2020 17:17:30 / by Alison Donnelly posted in Payments sector, E-money sector, safeguarding

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Crown Currency Exchange, a business based in Cornwall that sold currency mainly to consumers for holiday spending but was also a small payment institution, collapsed on 4 October 2010 owing £22 million to more than 12,000 customers. In the days and weeks that followed there were, naturally, many angry questions put to the government and the regulator, the Financial Services Authority (FSA), by those who lost money and their representatives as to why this was able to happen.

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EPA publishes collaborative report to debate payments regulation ahead of PSD3

[fa icon='calendar'] 12-Mar-2020 11:07:21 / by fscom Team posted in Payments sector, E-money sector

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The Emerging Payments Association (EPA), which celebrates collaboration and innovation within new and existing finance companies, has published its first report to address the issues from the second Payment Services Directive (PSD2).

The report, made up of six contributed articles from leading industry figures, also gives practical feedback for the next iteration of the directive. The paper has been launched in response to growing frustrations within the payments industry regarding Payment Service Providers’ (PSPs) inability to keep up with the ever-evolving legislation laid out by regulatory bodies.

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