Blog
Cross Border Payments Regulation 2
With words and phrases such as “pandemic”, “furlough” and “business continuity measures” at the forefront of minds at the moment, firms may have missed that the
Back to Brexit: Temporary Permissions Regime for EEA firms – Your Key Questions Answered
Brexit talks, which had been postponed due to the pandemic, are to be reconvened today with European Union and British negotiators attempting to salvage the
SM&CR – The Regulators’ Expectations of Firms
The FCA last week published a statement in which they set out their expectations of solo-regulated firms operating under the ongoing strain of COVID-19. While
Is your zoom video conference as private as you think?
With my NICyber hat on last week I helped run a webinar about the new challenges facing us all in this new normal that we now find
Homeworking – top tips for adapting to the shift in workplace dynamics
fscom’s Head of People, Brona Cathcart shares her insights into how the fscom team have been adapting to the shift in workplace dynamics over the
Bank of England announces supervisory and prudential policy measures to address the challenges of Covid-19
As a result of the unprecedented Covid-19 outbreak, The Bank of England (BoE) and Prudential Regulation Authority (PRA) have announced several measures seeking to reduce
Capital Stress Testing
I delivered a training session on capital adequacy last week. The irony of delivering the session on the cusp of such a capital-stressful situation was
FCA issues statement on Covid-19
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. There
Safeguarding the customers’ money
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
Covid-19: A wake up call to focus on Business Continuity Plans
In the past four weeks, we have seen the highly infectious coronavirus be declared a global pandemic and make its way into conversations at every
EPA publishes collaborative report to debate payments regulation ahead of PSD3
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
Authorised push payments fraud and the expanded role of the Financial Ombudsman
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
Capital adequacy: Brace for impact
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
2020 Regulatory Outlook – Top Themes for Financial Services for the Year Ahead
As we propel ourselves fully into 2020, we move forward from a formidable decade of regulatory reform in the financial services sector. The emergence of
Brexit: All systems go
As the clock strikes 11pm on Friday the 31st of January, the UK will make unprecedented steps and become the first state to leave the
Operational and security risk reporting (REP018) and IT audits
REP018 is the name the FCA has given to the reporting return for the operational and security risk assessment that all payment service providers (PSPs)
Capital adequacy: Brace for impact
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
The Brexit Saga Continues
The Brexit saga continues, but what does the FCA expect from you? At the time of writing on the 17th of October, we sit almost two
Tricky Verifications – The importance of getting it right.
In the ever-evolving world of anti-money laundering firms are under more pressure and scrutiny than ever before, especially when it comes to verifying the identity
Brexit Firm Awareness
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
Outsourcing function, not responsibility
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
Meeting the IT Requirements of PSD2
PSD2 has brought focus on payment services providers’ technology and security standards as never before. In fact, the scope of change has been so significant
5MLD – What are the key changes in the Fifth Money Laundering Directive?
Her Majesty’s Treasury published a consultation paper on the UK’s transposition efforts relating to the EU’s 5th Money Laundering Directive (5MLD) earlier this year. The Directive
Authorised Push Payments – Confirmation of Payee
Firing off an email to the wrong recipient can be embarrassing however sending funds to the wrong beneficiary is not only negligent but can also
Countdown to No-Deal Brexit (or not)
At the beginning of February this year, eight weeks prior to the original 29th March Brexit date, we published a blog entitled “No-deal Brexit –
REP017: Are You Ready To Submit Your Fraud Report by 31 August?
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
Preparing for your AML Compliance Audit – top tips from the other side
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
fscom features in Thomson Reuters
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
Dear CEO: Safeguarding attestation required by 31 July 2019
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
One Month Left! New Communication Rules for Payment and E-Money Institutions
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
