Jim Sadler’s Post

The FCA has now published its proposal on new rules to better protect customers of payments firms. This will require many to look more closely at their systems and processes for internal and external reconciliations. Our complete guide to the new rules is below 👇 #FCA #Payments #AutoRek #Safeguarding #Compliance #FinTech

The FCA have now published CP24/20: Changes to the safeguarding regime for payments and e-money firms.   As many had anticipated, due to poor levels of adoption and implementation, this is a move away from the current safeguarding requirements as set out in the Payment Services Regulations 2017 (PSRs) and E-Money Regulations 2011 (EMRs). Instead, the industry will be required to embrace a more CASS style approach, with the proposed CP24/20 changes drawing parallels with CASS 7, CASS 10 and SUP 16.14; Client Money, CASS Resolution Pack and Client Money and Asset Return, respectively.   The proposed FCA rules will apply to various firm types, such as Authorised Payment Institutions, e-Money Institutions, small e-Money Institutions, small Payment Institutions and Credit Unions however there will be an opt-in, voluntary arrangement for some of these.   Firms have until 17th December 2024 to respond, and they can expect interim CASS 15-chapter rules and guidance by the middle of 2025.

The FCA opened a new consultation (CP24/20) last week regarding changes to the safeguarding regime for payments and e-money firms. The consultation closes in December with policy expected to come into effect through 2025 with firms to be given 12 months for the end state rules to be implemented. ·        Improved books and records ·        Enhanced monitoring and reporting ·        Strengthening elements of safeguarding practices ·        Holding funds under a statutory trust The obligations will be added to the CASS and SUP chapters of the FCA Handbook. In response to the consultation our expert team have updated our Safeguarding Solution overview covering External and Internal reconciliation requirements https://lnkd.in/eH2Gxzsf The full consultation paper is available from the FCA "CP24/20: Changes to the safeguarding regime for payments and e-money firms" (fca.org.uk) #safeguarding #CASS #financialcontrols Michel Vaja Ankit Saxena Vaibhav Pandey Sudarshan Damle Steve Dublon Alaric Wilson Marcus Vinicius Martinez Yossi Dahan John Kent Steven Carlin Falguni Desai Jack Niven Kashif Aslam Mark Baker Kieran Millar Chad Cracknell Louis MacMillan ACA CFA Dan Wood Asgeir Olsen Capgemini Financial Services Toby Willetts

The Financial Conduct Authority long-awaited safeguarding consultation is finally here! As requirements continue to evolve, AutoRek has released your complete guide to the new safeguarding rules. Our latest paper dives into: ✅ How payment firms can adapt to meet new regulatory demands ✅ What meeting safeguarding requirements looks like ✅ How AutoRek’s market-leading end-to-end automated safeguarding solution can support your firm Using our experience in CASS, we’ve developed a rules-driven solution that automates key safeguarding processes. You can meet regulatory requirements while becoming more efficient and reducing your operational costs per transaction. Download now and get ahead of safeguarding.: https://lnkd.in/eH2Gxzsf #FCA #Payments #AutoRek #Safeguarding #Compliance #FinTech Nick Botha

Innovate Finance responded to the Payment Systems Regulator consultation on draft guidance on supporting the identification of APP scams and civil disputes. 💰 Our response was broad, covering numerous issues including: 👉 A lack of focus on peer-to-peer payments and the role of online peer-to-peer marketplaces 👉 Complex cases involving more than two parties 👉 The need for an arbitration mechanism 👉 Clearer guidance on what constitutes a civil dispute 👉 Chargeback and liability shift model Our members strongly support efforts to prevent and tackle fraud, and they welcome the introduction of a consistent approach to consumer protection across the industry. This is why the roll out of mandatory reimbursement must be done properly and proportionally to deliver its intended results. We also once again made a call for the PSR to delay the 7 October 2024 implementation deadline until all issues and loopholes in relation to the mandatory reimbursement regime are clarified, addressed, resolved and closed. ⏳ Read our response in full here: 🔗https://lnkd.in/ePJGUSS8

🙏 Thank you to everyone who attended our webinar yesterday, Payments Compliance 2024: A Year in Review 📽️ Missed it? Don't panic! You can now watch the full recording on demand, over on our website: https://lnkd.in/eXaiCV23 In this webinar, We delved into the most significant regulatory changes and themes in the payments industry throughout the year and gave you a glimpse into what 2025 holds for compliance in this space. 👏 Thank you to our speakers Jimmie Franklin and Prasad Thandapani! #paymentstrends #paymentscompliance #paymentswebinar

If you fancy hearing mine and Prasad Thandapani’s 🥵 hot takes 🥵 on 2024 and next year, check out this Vixio Regulatory Intelligence webinar 👇

The FCA has published a consultation paper on changes to the safeguarding regime for payments and e-money firms. Key takeaways are: 1. Imposition of new "interim" reporting and monitoring requirements 2. Development of more CASS-like safeguarding requirements for the industry 3. Interim measures will be in place by the end of 2025 at the latest (6 months from publication date of the new rules) with the full measured expected to be in place by mid-2026. You can find the full consultation paper at the link below and drop me a message if you'd like to receive our full analysis of what this will mean for reporting and reconciliation processes for Fintechs https://lnkd.in/eq3cTsA7 #fintech #cardpayments #regulation #reconciliation

To learn about #VerificationOfPayee download our whitepaper "Verification of Payee: The Race to Compliance" by clicking the link below. 🔗 https://lnkd.in/geRNj84X

Our regulatory royalty is excited to attend this years ETA Payments Compliance Conference. If you spot Lisa K. King, CRCM , Diane Driscoll, ETA CPP™, or Dori R. at the event, be sure to say hello! We can’t wait to connect and dive deep into the latest insights on navigating the complex payments regulatory landscape. #ETA #etatransact #paymentcompliance #paymentsolutions #payments #paymentprocessing #fintech #fintechnews