fscom News and Events

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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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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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.


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Safeguarding guidance: FCA update

[fa icon='calendar'] 16-May-2017 17:22:02 / by Alison Donnelly posted in Regulatory compliance, Payments sector, E-money sector, safeguarding

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The FCA’s proposed interpretation of the safeguarding obligation is causing serious concern in the industry. Under the new guidance, payment and e-money institutions will be expected to match the value of payments they make on behalf of their clients from their own funds because they will have to both keep the value in a safeguarding account and remit it to the payee.

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Effective Safeguarding: The Lessons Learnt from Towergate

[fa icon='calendar'] 30-Mar-2017 12:31:06 / by Alison Donnelly posted in Regulatory compliance, Payments sector, E-money sector, safeguarding

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