Category Archives: Fintech

Payments Business? Have Your Say! Don’t Miss This

psd2 regulations security measures

Payments Business? Have Your Say! Don’t Miss This!

Get the lowdown on the FCA Strong Customer Authentication (SCA) Consultation Paper plans. Download the free brochure here.

If you have any areas of concern, please call us on 0207 097 1434 or email info@complianceconsultant.org

Actual Google Review
Actual Google Review

Psd2 Strong Customer Authentication Regulation, Strong Customer Authentication, Strong Customer Authentication (Sca), Strong Customer Authentication (Sca) Requirements, Strong Customer Authentication (Sca) Uk

Crypto registration and FCA Guidance on applying

FCA Cryptocurrency Firm AML Registration

The FCA, under the 5th Anti-Money Laundering Directive have required firms to register with them for Anti-Money Laundering. Many firms have had their applications rejected or recommended to withdraw due to a poor standard of completion. We can help you, like all the other firms we help, to get your business on the right track and as long as your business model is sound – we can provide the right package for your next submission.

Call us on +44 (0) 207 907 1434 or email info@complianceconsultant.org

New Year – New Value

This post is to inform all new clients using Compliance Consultant, the FCA Authorisation  Specialists, that from 1st January 2021 our rates will be increasing by around 3% to combat cost rises and new expected efficiency tools supporting the remote working environment.

As FCA Authorisation Consultants, experienced and qualified, we will attempt to always add value to all of our services and include “extra” items where appropriate.

 

Merry Xmas 2020 and a Happy New Year 2021!

 

 

    FCA Authorisation Specialists, FCA Authorisation Consultants

    FCA Authorisation Specialists, FCA Authorisation Consultants

    Compliance Consultant, Compliance Regulations, Compliance Risk Assessment, Compliance Services, Compliance Solutions, Compliance Specialist

    Email Is Broken – UK Businesses Need To Stop Sending and Start Sharing!

    Broken processes

    Manual business processes are expensive to resource from a human capital perspective but also rely on person-to-person communication, which for expediency and perceived traceability is often conducted via email.

    Consider typical arrangements for most people. If they forget their online banking password, they can just reset it via email. If they need to work on some confidential customer files over the weekend from home, they email it to their home account and if they want to invoice a client, they email them an invoice with their account details. All these actions are easy, simple and frequently conducted across the country, which can also make it exceptionally easy for someone else to do if they gain access to your account.
    GI Brokers or Financial Advisers, Asset & Wealth Managers typically handle large numbers of emails.
    They are the party in the middle, dealing with the insurer, customer, and other parties such as loss adjusters and of course, their own colleagues. Much of this communication is sensitive and might often be sent via insecure email. This proliferation of email attachments driven by lack of automation is exposing insurers, brokers and customers to  considerable and avoidable risk.
    Aside from being insecure in transit, it is difficult to prove successful delivery to the recipient, the action taken by the recipient, whether they share internally or externally or how they store the potentially sensitive information.
    Due to the escalating threat of email, we expect tighter controls over inbound emails with attachments to become commonplace. In the immediate aftermath of the WannaCry attack, it was reported that Aviva closed their systems to inbound emails with attachments for 4 days.

    Compliance & security

    With the increasing threat posed to organisations by inbound email attachments and the tightening regulatory regime and increased scrutiny in all sectors, serious thought is needed right now about replacing email attachments as the primary means of communication.

    Stop sending – start sharing

    If your firm is overly dependent on email attachments for customer communication, then make a management commitment to stop it, or at least reduce it over time.
    For example HMRC clearly states to all taxpayers:
    “HMRC will still never email you about rebates or to ask foryour bank account details and these emails won’t contain
    any confidential information.”
    Taxpayers are conditioned to be suspicious of sensitive emails that appear to be from HMRC as opposed to being trusting. Perhaps the Financial Services industry or individual firms could make a similar pledge?
    Email attachments are not the only means of transmitting documents (usually PDFs) from one person to another. The simplest way to stop sending is to share the documents in a secure online environment, which can be securely accessed by the firm and client.

    Prices from £35 PM

    Stop sending – start sharing

    Compliance Consultant – 0207 097 1434 or info@complianceconsultant.org

    Secure Email, Secure Email Account, Secure Email Account Providers, Secure Email App, Secure Email Attachments, Secure Email Service, Secure Email Solutions

    UK Financial Services Compliance ‘Premium Access Retainer Service’

     

    We offer a Premium Access Retainer Service

    Providing Your Firm With Fast, Accurate, Experience Based Quality Answers So You Can Move Ahead With Your Business Efficiently and Profitably.

    We have a bespoke service starting from £600 pm.

    Our Full Services Obviously Has The Following 11 Benefits;

    1. You will get a response within 3 hours by phone or email/text.

    2. From PBR, S165 or S166 (we were appointed as skilled persons in 2012), we will advise and make recommendations regarding what is required.

    3. Your issues take priority over other work whilst we respond to your query; additional research or further work that may be required will be quoted on.

    4. Products like our best-selling Compliance Manual/AML Policy & Procedures are provided at a heavy discount typically around 40%.

    5. Any services we offer is again heavily discounted from 5  – 20%.

    6. Normal service is mainstream hours Monday to Friday but weekends and evenings are ad-hoc, although we often can be found working into the night or across the weekends at some point. Holidays excepted, but happy to take emergency calls.

    7. You will receive a monthly “Statement of account” before the next billing cycle or after a purchase.

    8. We work on a first come, first served basis, so anyone paying ‘Premium Retainer’ for the longer time, gets priority over the other Premium Retainer clients – if push comes to shove and we are snowed under.

    9. We occasionally have marketing promotions, and you get free gifts and/or free or heavily discounted event tickets for anything run by us.

    10. Also available for discussions on business strategy and marketing; areas we are also often asked about.

    11. 30 min telephone/video call per month to discuss your regulatory needs or issues.

    We only take on a maximum of 12 new clients per quarter. If you are too late for this quarter, we

     

    will add you to the list for the next quarter on a first-come-first-served basis.

    Monthly cost = £1,150 subject to firm size of less than 20 staff inc directors/partners.

      FCA Authorisation Consultants London – PSD2


      FCA Authorisation Assessment Report

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      What Does A Regulatory Business Plan Need To Say?

      A Regulatory Business Plan (RPB) Is Your Showcase To Demonstrate Understanding & Forethought.

      The RBP should demonstrate that the targets set by the candidate are realistic, as well as financially and operationally manageable.

      Some fundamental questions that the RBP must answer

      Why you? The RBP could create a poor impression if it does not describe to the regulator its intended market and comparative advantage: whether it would offer something new to the market and the elements of its services/products that would make them stand out from their competitors.

      Answer this – “why are you best positioned to offer and deliver on this proposition?”

      You against the others: A competitive idea and promising business case is backed up with research and facts. This is a challenging part of the project; the candidate’s RBP must demonstrate that there is a market for their products and services, and also be aware of the competition and their expected share in the market.

      Vitally, the RBP must also demonstrate its understanding of the dynamics of the specific market and how the proposed business will meet customer needs.

      Known unknowns: Here, the question is how candidates will approach the problem of partial or unavailable information. Some RBPs are extremely ambitious about their target markets and customers; some others are optimistic as to the costs of running a business, especially operational costs and this may lead to expected costs being presented in a superficial manner in the RBP.

      All projections and estimates must be backed by thorough and trustworthy market research or accurate business information.

      From a regulator’s perspective, stating all the possible expenses and potential financial needs in the RBP provides a useful starting point into assessing business model viability. It also demonstrates that the applicant has a sound grasp of its figures and market.

      A start-up may not have all the information to-hand on day-one when it meets the regulator, but it should have reasonable estimates and a plan of the timeline and actions to get this information and must integrate it into the plan before submitting it.

      New entrants will have to describe in their plan how they will comply with complex prudential and conduct regulations. This is not easy, even the UK’s most established institutions have got themselves into significant difficulties due to regulatory breaches.

      We provide all FCA Authorisation applicants with a template business plan with not only headings, but additionally pointers and ideas of what needs to be involved.

      Ask us for details – complete the form below.




      You May Also Be Interested In;

      What Is A Regulatory Business Plan? Why Is It Important? https://wp.me/p7OMfd-3VP

      Professional FCA Authorisations, Registrations & Licencing https://www.complianceconsultant.org/fca-authorisations-registrations-licencing/

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