REP018 Operational and Security risk

The New Operational and Security Risk Assessments Guidelines by FCA: What Does It Mean To Payment and E-Money Services? In June 2018, FCA published its proposal Approach on how payment service providers (PSPs) should provide operational and security risk assessment to FCA annually under SUP 16.13.15. The FCA published this policy after EBA had already prepared its final guidelines December 12th last year. Since then the FCA has had the opportunity to publish the final guidelines, but they finally did [...]

Open Banking in the UK

Open Banking aims to increase the number of companies that can offer financial services and to enable them to build entirely new ways to manage your money. It was created, in 2016, by the Competition & Markets Authority and the UK’s nine largest providers of personal and business current accounts to change the market for retail banking forever. It aims to do that by creating a single standard which regulated and authorised companies can use to access accounts held by a [...]

PSD 2: Re-authorisation

PSD2 has been implemented in the UK through the Payment Services Regulations 2017(link is external) (PSRs 2017). The FCA had issued a consultation to reflect the Treasury’s new regulations in April 2017. This included some proposals relating to authorisation, and changes to our perimeter guidance to throw further light on the specific types of business and activity that will need to be authorised or registered under PSD2. The FCA had further issued a smaller, follow-up consultation on certain authorisation and registration forms under PSD2 in [...]