Fintech & Payment Services
Fintech
We pride ourselves on delivering innovative regulatory solutions for new and exciting business models. Working with a wide range of firms that deliver financial products and services through new and innovative technology, we offer a compliance service that reflects your culture and your goals. We’ve worked with businesses within the fintech spectrum, helping them achieve and maintain compliance with requirements that had primarily been designed for firms with more traditional business models.
Among the fintech market sectors in which we specialise are:
- Peer-to-peer lending
- Direct credit lending
- Investment crowdfunding
- E-money
- Payment initiation services
Payment Service
Acknowledging the heightened security risk in the payment services arena created by the ‘growing technical complexity of electronic payments’, PSD2 brought in stricter new requirements around:
- Security of electronic payments
- Transparency of conditions and information from PSPs
- The rights and obligations of users and providers of payment services
The FCA now requires all applicants seeking authorisation as PSPs to provide evidence of robust IT security policies and procedures – and a detailed risk assessment.
The FCA’s recent temporary additional guidance on safeguarding requirements stipulates that all EMIs and those payment services firms that must comply with Companies Act 2006 auditing requirements must undertake, on at least an annual basis, an audit with another independent external firm or consultant who has the appropriate specialist skill in auditing compliance with the safeguarding requirements under the PSRs/EMRs, taking into account the nature and scale of the firm’s business. Our expert payments services team are able to provide the support necessary for firms to comply with these latest requirements.