All news by: Kelly Sheppard

On 13 January 2018, the revised Payment Services Directive (PSD2) and open banking launched. But what does this mean for financial services firms?

On 19 September, the FCA published Policy Statement 17/19 ahead of the implementation of the second Payment Services Directive (PSD2) through the new Payment Services Regulation (PSR 2017) and revised Electronic Money Regulations (EMR).

Last year firms were sent a Dear CEO letter on the PRA’s intention to review the accuracy of COREP returns. We now know now that the regulator is currently pressing ahead with a wave of S166 reviews targeted at many of the foreign owned banks.

With increased regulatory focus, further complexity for CASS rules, and recording-breaking fines for CASS failings, it is paramount that you have an advisor who combines technical CASS expertise with an in-depth understanding of the industry. However, last year’s introduction by the Financial Reporting Council of rigorous new CASS audit led most fees to increase considerably. But are you getting value for money?

Banks, insurers and designated investment firms undertaking cross-border activities between the UK and the rest of the EU need to provide the Prudential Regulation Authority (PRA) with information on their Brexit contingency plans by 14 July.