fscom News and Events

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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Authorised push payments fraud and the expanded role of the Financial Ombudsman

[fa icon='calendar'] 02-Mar-2020 08:48:04 / by Alison Donnelly posted in Payments sector, E-money sector

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Authorised push payment (APP) scams were a hot topic in 2019 with the authorities taking a series of three coordinated actions to push down on APP fraud. One measure, a change in the remit of the financial ombudsman, has been in place for a full year now but, in response to our freedom of information request, the Financial Ombudsman Service has told us that they do not capture data in such a way that enables them to tell us whether anyone has made use of the new right.

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Capital adequacy: Brace for impact

[fa icon='calendar'] 20-Feb-2020 16:19:51 / 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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2020 Regulatory Outlook – Top Themes for Financial Services for the Year Ahead

[fa icon='calendar'] 13-Feb-2020 12:00:00 / by fscom Team posted in BREXIT, 5MLD, Payments sector, safeguarding, Cybersecurity, Cryptoassets

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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 2021.

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