How fscom’s distinct location and expertise helps firms to navigate compliance challenges in the UK, Ireland and the EU

The UK and Ireland are home to many of the leading players across financial services and fintech. One of the main reasons for this is that the Financial Conduct Authority and the Central Bank of Ireland have devoted payments and e-money authorisation and supervision teams that understand the fintech ecosystem and the impact of regulation in enabling competition and innovation.

Both regulators are open to communicating directly to new applicants and to their existing regulated population and they do so publicly and individually. They have innovation teams that support start-ups in understanding regulation to foster their business cost effectively and without putting consumers (and their reputation) at risk.

Both also require authorised payment and e-money institutions to have their head office and key decision makers in their jurisdiction. This can be difficult for start-ups that want to go to the UK and European markets because they often think first of London and Dublin and the sheer cost of establishing head office presence in the two cities can be off-putting.

There is a solution to this problem. Basing yourself on the island of Ireland has clear benefits for any company looking to set up in both the European Union and the UK. It allows your team to benefit from closer working collaboration without the costs of premium office space in the capitals. It offers an open border and access to talent in both jurisdictions through the Common Travel Area. The island of Ireland also benefits from being the only English-speaking country in the Eurozone with frictionless access to customers and third-parties in the European Union.

With many well established fintech organisations and enterprise hubs already operating in the region, the area provides start-ups and SMEs with an attractive and accessible location from which to grow across the UK, Ireland and into Europe.

 

Helping fintechs navigate the ever-changing regulatory landscape

The pace of innovation in the financial services sector is accelerating, particularly over the last 18 months. This innovation brings with it a requirement for increased regulatory scrutiny and oversight to ensure that consumers are receiving the protection they deserve. As such, the penalties for non-compliance for fintech companies can be terminal. Firms are looking for expert advice to ensure they can adapt and respond quickly.

Firms seeking to set up in the UK and EU should look no further than fscom for advice in navigating the ever-changing regulatory landscape.  Over the past ten years, from its offices in Belfast and Dublin, fscom has built up an unparalleled team of senior experts who are now working in partnership with some of the leading names in the fintech sector on this very challenge.

The firm is building on the successful foundations it has built in the UK and Ireland markets by acquiring new customers across Europe. It currently works with one fifth of firms in the UK payments sector and three quarters of firms in the Irish e-money sector as well as a range of retail banks, cryptocurrency firms and investment brokers across Europe.

This growth has been driven by an increasing demand for risk management and compliance advice and the constantly evolving regulatory landscape in the financial services sector.

The firm has launched a new website – www.fscom.co – to better reflect its expertise in both the UK and Ireland. The launch followed a brand consolidation where the firm moved the recently acquired Compliance Ireland brand under the fscom name to focus on its core strength of regulatory compliance consultancy. 

fscom’s expert team

fscom’s expertise in regulation and compliance in the UK, Ireland and the EU is unrivalled. Our growth in both the UK and Ireland has led to a number of recent senior appointments, adding breadth and depth to an existing team who have decades of experience in this highly specialised arena.

fscom’s team is a unique mix of experienced consultants, ex-regulators, ex-bankers and former in-house compliance experts who hold senior positions with leading compliance related industry associations and provide clients with industry best practice and insight.  Managing Director, Jamie Cooke, is a member of The Investments Association and the Compliance Institute, Director, Alison Donnelly, is EWPN’s Ambassador for Ireland, leader of The Payments Association’s (PA’s) Project Regulator, and Ambassador for The Fintech Corridor and Director, Philip Creed, currently sits on The Payments Association’s (PA’s) Project Financial Crime.

Recent senior hires include new Associate Director of Cyber Security, Nick Gumbley, who has 20 years’ experience in IT and cyber security, and new Senior Managers, Dane Pedro, Nick Wright and Dipesh Patel who bring many years of experience from the financial services sector.

Alison Donnelly, Director in fscom, said: “Despite the challenges presented by the pandemic, we have experienced strong demand for our services in the past 18 months across Europe. We are proud to be work with some of the largest names in the fintech sector globally, many of whom have been loyal clients of the firm for years. We look forward to continuing to grow as regulatory compliance, risk management and cybersecurity become increasingly important globally.”

Find out more about fscom here: https://fscom.co/ 

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