fscom News and Events

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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One Month Left! New Communication Rules for Payment and E-Money Institutions

[fa icon='calendar'] 01-Jul-2019 10:42:49 / by James Borley posted in PSD2, Regulatory compliance, Payments sector, E-money sector

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Back in October last year, fscom director Alison Donnelly wrote a blog on the FCA’s consultation on new rules for payment and e-money institutions. As explained in that blog, due to FCA concern with how some e-money and payment institutions have communicated with their customers in the past, certain sections of the FCA Handbook are being applied to payment and e-money institutions.  

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Dear CEO: The Principles of being the Principal

[fa icon='calendar'] 28-Jun-2019 10:34:56 / by James Borley posted in Regulatory compliance, Trading and Broking sector, Payments sector

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In May of this year, the FCA released a ‘Dear CEO’ letter that addressed the failings of principal firms within the investment management sector. The FCA found that investment management firms (“principals”) failed to appropriately control and oversee their Appointed Representatives (ARs). There is an interesting takeaway from this letter for the payment services market regarding the relationship between The Principles for Businesses and agents.

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New Communication Rules for Payment and E-Money Institutions

[fa icon='calendar'] 09-May-2019 15:00:00 / by James Borley posted in Regulatory compliance, Payments sector, E-money sector

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Back in October last year, fscom director Alison Donnelly wrote a blog on the FCA’s consultation on new rules for payment and e-money institutions. As explained in that blog, due to FCA concern with how some e-money and payment institutions have communicated with their customers in the past, certain sections of the FCA Handbook are being applied to payment and e-money institutions.  

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Open banking and strong customer authentication: help!

[fa icon='calendar'] 08-May-2019 15:53:12 / by Alison Donnelly posted in Regulatory compliance, Payments sector, E-money sector, Open Banking and SCA

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With only four months to go to the final PSD2 implementation date of 14 September 2019, all payment service providers must make sure they are urgently progressing plans to meet the additional regulatory obligations or to confirm that their obligations are met. 

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Becoming an Authorised Payment Institution

[fa icon='calendar'] 25-Apr-2019 15:10:07 / by fscom Team posted in authorisation, Regulatory compliance, Payments sector

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Payment services: making safeguarding work

[fa icon='calendar'] 10-Apr-2019 11:15:00 / by Alison Donnelly posted in Regulatory compliance, Payments sector, safeguarding

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Safeguarding is both a simple and important concept. Every payment and e-money institution that I have ever worked with wants to protect their customers’ funds and make sure that, if the worst came to the worst and they became insolvent, either their customers’ payment instruction would be fulfilled or they would have their funds returned to them.


Download our safeguarding report

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Strong customer authentication: not as simple as just 2FA

[fa icon='calendar'] 22-Mar-2019 17:24:27 / by Alison Donnelly posted in Regulatory compliance, Payments sector, E-money sector, Open Banking and SCA

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In my previous blogs I have given you the basics of strong customer authentication (SCA) and explained how the exemptions could be used to minimise the disruption experienced by payment service users when making payments or accessing transaction information. In this blog, I will take a closer look at the details of the SCA obligations and explain why it’s not as simple as the much-mentioned two-factor authentication (2FA).

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