The FCA has published consultation paper CP21/3 on the proposed changes to RTS (Regulatory Technical Standards) on SCA (Strong Customer Authentication) explores changes to the FCA’s guidance on payment services and electronic money. The FCA are taking this opportunity to amend their guidance on prudential risk management and safeguarding in their Approach Document (AD), and making general updates to the FCA’s Perimeter Guidance Manual (PERG).
The FCA explains that the amendments aim to address barriers to the future success and adoption of open banking as it grows in the UK, as well as supporting competition and innovation in the payments and e-money sector. The amendments will also reflect the UK’s withdrawal from the EU.
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After the accounting scandals at Carillion PLC and Patisserie Valerie in 2018 and 2019, individual company directors are set to face potential fines and bans for major failures under proposals to overhaul corporate governance and audit oversight.
Accounting errors which previously may have incurred a slap on the wrist for company board members will be subject to individual directors facing fines or temporary bans if found in breach of their duties to uphold corporate reporting and audit standards.
Ministers are due to accept the principal recommendations made by three independent reviews and proposals to overhaul corporate governance are due to be published as early as next week.
The FCA has published a report which outlines practices firms should consider to reduce consumer harm caused by failed technology changes. The report also highlights steps firms can take to protect consumers from harm and disruption in the market
The FCA has published a document concerning its approach to to international financial service firms. The document discusses the FCA’s general approach to international firms providing or seeking to provide financial services that require authorisation in the UK.
This approach document is relevant for international firms that require authorisation in the UK, including those that have applied or intend to apply in the future, and those that are already authorised in the UK.
From the 1 January 2021, several Memoranda of Understanding (MoUs) came into effect between the FCA and European authorities, covering cooperation and exchange of information.
Outlined below are the MoU’s as first published on the FCA website on the 4th January 2021 and subsequently updated on the 10th February 2021
UK Finance, in conjunction with the PwC, have published a report covering the opportunities and challenges for the UK payments industry over the next ten years.
This report is the culmination of the thoughts, ideas and requirements of payments professionals across the UK industry and sets out the Payments Futures vision for 2030, seeking to deliver further customer benefits, support innovation and enhance competition.
Twenty four recommendations have been set out in the report outlining what the payments industry seeks to achieve in order to deliver positive outcomes for consumers and businesses. Recommendations include; access to cash; regulatory leadership; digital inclusion; improved mechanisms for sharing information both within and beyond the financial services sector; Industry and government collaboration; possible use cases for a Central Bank Digital Currency; UK infrastructure optimisation; Industry SCA development; Improved Standards Governance.
The report is aimed to help guide the payments sector to deliver this vision and continue to collaborate across the industry in order to progress.
A worthwhile read for anyone interested in the UK fintech sector. Great to see some previous clients making contributions. The report’s recommendations include:
With recent reports of over 1,000 EU firms seeking authorisation in the UK, I’m optimistic about the continued growth and leadership of UK fintech.
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