fscom News and Events

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 2020.

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Meeting the IT Requirements of PSD2

[fa icon='calendar'] 25-Sep-2019 08:23:00 / by Alison Donnelly posted in PSD2, Regulatory compliance, Regulatory compliance advisory, Payments sector, E-money sector, Cybersecurity

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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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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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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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Authorised push payments and the voluntary code

[fa icon='calendar'] 21-Jun-2019 16:22:28 / by Alison Donnelly posted in Regulatory compliance, Open Banking and SCA

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What are you doing to protect your customers from authorised push payment (APP) scams? That is a question payment service providers (PSPs), including payment and e-money institutions, will have to answer following regulatory intervention in the UK to force the industry to tackle the problem following Which?’s supercomplaint in 2017.

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"Is Open Banking the epitome of inclusivity?" EWPN Ireland Launch Event - 20 June 2019

[fa icon='calendar'] 30-May-2019 17:06:06 / by Alison Donnelly posted in In the Media, Regulatory compliance, Open Banking and SCA

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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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