Neira Jones

Are you ready for PSD3, PSR and FIDA? Tribe MD Alex Reddish delves into the intricacies of the regulations set to reshape open banking, data access and security in the financial sector: https://bit.ly/45LxKYh The Fintech Times | #PSD3 #PSR #FIDA #Payments #Fintech #PayTech

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A 'friction-right' approach to tackling the UK's epidemic of scams - 150sec: Challenger banks operate primarily through digital platforms, and that ... What is the roadmap a challenger bank or a digital-first fintech should take ...

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Financial Conduct Authority Confirms Anti-Greenwashing Guidance and Proposes Extending Sustainability Framework Sacha Sadan, Director of Environmental, Social and Governance, FCA, said: “Confirming the new anti-greenwashing guidance and our proposals to extend the Sustainability Disclosure Requirements and investment labels regime are important milestones that maintain the UK’s place at the forefront of sustainable investment. Our good and poor practice anti-greenwashing examples will help firms market their products in the right way. We continue to work closely with the ASA and CMA to address greenwashing. “Consumers care about investing in products that have a positive impact on the planet and people. That’s why we want to boost the integrity of the market and ensure people can make informed decisions about how to invest their money.” https://lnkd.in/efFqsgrR #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Digital ID ecosystems are evolving, but adoption in the UK is hampered by uncertainty and myths, according to Nick Mothershaw, chief identity strategist for the OIX - Open Identity Exchange Identity Exchange (OIX). https://lnkd.in/ext7Uf5P #digitalidentity #thinkdigid #trustframeworks Department for Science, Innovation and Technology Kantara Initiative

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🔄 Three-quarters of UK banks are using obsolete systems to store employees’ voice and digital communications, putting them at risk of enforcement action as regulators crack down on record-keeping, reports Victor Smart. 📂 Banks must keep diligent records of employee communications but that’s only half the challenge. If pressed by regulators, they also need to dig these recordings out of storage. 🕰️ Yet exclusive research seen by Banking Risk and Regulation reveals that three in four UK banks are sitting on at least one ancient legacy recording system past its shelf life. One in 10 is grappling with five or more out-of-date systems. 🎧 Nearly half the survey respondents (45%) said a regulator had asked their firm to share recordings of communications between individuals in the last year. ⚠️ “As regulatory requirements become more stringent, the reliance on outdated record-keeping processes has the potential to expose businesses to significant compliance risks. Non-compliance with regulations can lead to severe penalties, legal consequences and reputational damage,” states Wordwatch, the voice data tech firm that commissioned the research. 👀 Read more below https://lnkd.in/dWGGDmfc #VoiceNote #OffChannelComms #Banking #BankingIndustry

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Finally - a FREE EOY KRI Template built by financial crime professionals for financial crime professionals 😊 Our CEO & Co-Founder, Natasha Vernier, who served as the Head of FinCrime at Monzo Bank, knew all too well how time-consuming an End-of-Year KRI report can be, especially when juggling dozens of other responsibilities 🫠. So she did the obvious thing and created a template that can be used to easily communicate to key stakeholders how well the KRIs are performing that year 😎 Just click the link below to download our End-of-Year KRI Template and streamline your compliance processes! 🚀 https://hubs.ly/Q02DzLhJ0 #Compliance #FinancialCrime #KRIs #RiskManagement #FreeTemplate #Cable #CableTech

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FCA keeps trading apps under review over gaming concerns 📲 The Financial Conduct Authority recently raised concerns over the gamification of trading apps, following an experiment to investigate the impact of digital engagement practices - DEPs - (eg: push notifications and prize draws). 📉 The results showed that digital engagement practices (DEPS) can result in increased trading frequency and risk-taking among certain demographic users. ⚠ These risks could potentially lead to poor financial decision making and decreased financial resilience. Under the FCA's Consumer Duty, trading apps are required to design and test their services to ensure they meet consumer needs and support informed investment decisions, especially for vulnerable groups. 💪 Ruleguard continues to champion consumer interests and help regulated firms across the globe to meet the FCA’s Consumer Duty regulatory requirements. 🤙 Talk to us today and see how we can help you transform Consumer Duty from a challenge to an advantage: https://lnkd.in/e4KXTWMc View full article here: https://lnkd.in/gqyytK9V #FCA #regtech #consumerduty

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On 12 July the Payment Systems Regulator published their latest policy statement on the forthcoming changes in relation to APP fraud set to kick in from 7 October 2024 It states that: 👉 PSPs must register with Pay.UK by 20 August 2024 👉 This will help identification of a PSP as being in scope and help facilitate the shared directory - the FPS Reimbursement Directory (i.e. contact details for PSPs to communicate re notification by a customer in relation to APP fraud). 👉 The data PSPs need to retain and report to Pay.UK (so that compliance with the rules can be monitored) 👉 The limits on use and disclosure of the data captured by Pay.UK 👉 The expectations on informing consumers of their rights. It is clear the 7 October deadline is achievable in the eyes of the Payment Systems Regulator. Given the volume of APP fraud that continues to take place, we are expecting to see an increase in consumer fraud disputes as well as disputes between PSPs in relation to when a receiving bank might challenge the decision making processes of the customer's bank on assessing, for example, if an event was in fact a first party fraud or if there were grounds for arguing gross negligence. If you have any questions around the topic please reach out to Rebecca Craig in our team, an experienced litigation lawyer specialising in Authorised Push Payment Fraud cases supporting clients who have been victims in this area and working with the banking industry around the Contingent Reimbursement Model (CRM).

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🔍 Amid the recent sound and fury over timelines and thresholds of reimbursing victims of authorised push payment fraud, the most significant issue around is being overlooked: preventing the scam in the first place, writes Nicky Goulimis of Tunic Pay. 💡 The debate sparked by the UK regulator’s decision to slash maximum fraud reimbursements from £415,000 to £85,000 represents an opportunity, I believe, to align incentives to reduce losses with an improved customer experience. 💸 What has been under-reported is that banks and fintechs will still have to pay a not-insignificant bill. Research by the Payment Systems Regulator has found that the lower threshold will still cover more than 99 per cent of APP fraud cases by volume, and the remainder of cases will simply be redirected to the Financial Ombudsman Service for further remediation. 🤝 Rather than finger-pointing, the UK sector should focus on how information sharing can benefit both the industry and consumers, reducing fraud likelihood. Read more https://lnkd.in/emGQxQZH #APPFraud #AuthorisedPushPayments #Banking

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With less than 1 month to go until the new regulations go live it is important for firms to take measures to mitigate risk and safeguard their future. #SD20 #FinCrime #InsurTech #APPFraud #RegTech #DigitalFraud

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🚨 OBL have published Open Banking Standard v4.0 which includes key updates such as the FAPI uplift, ISO 20022 alignment and information flow changes, which will deliver further benefits to end users. 🚨 If you're a Bank or FI, book a consultation with one of our experts to find out how these changes may affect your business: https://ow.ly/vyfR50StGIg #OpenBanking #OpenBankingUK #FAPI #BankingTechnology #Fintech

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💷 📲 Did you know more than half of UK adults use a digital wallet? The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have issued a joint call for information on digital wallets. ⚖ These regulators are looking to understand the benefits and risks associated with digital wallets, what the impact is on consumers and businesses, market integrity issues and possible competition. This initiative seeks input from various stakeholders to support innovation while ensuring consumer protection and competition. Feedback is open until September 13, 2024, with updates expected by Q1 2025. For more details, visit FCA's press release: https://lnkd.in/eq8ceZ6h #digitalwallets #payments

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Calling all innovators: Join the fight against financial crime! SuperTech WM and FinTech Scotland recently launched an Innovation Call aimed at tackling one of the world's most pressing challenges: Financial Crime. Financial crime threatens global stability, but innovation holds the key to creating real change. We’re inviting dynamic SMEs and entrepreneurs to bring their ideas to our Financial Regulation Innovation Lab. What’s in it for you? ◾ Collaborate with industry leaders shaping the future of finance ◾ Access cutting-edge research from top institutions like the University of Glasgow, University of Strathclyde, Aston University, and Birmingham City University ◾ Solve real-world challenges in fraud detection, risk management, and compliance This is your chance to make a lasting impact, drive change, and help create a safer, more secure financial ecosystem. Apply now to be part of the solution: https://lnkd.in/ezB_vdjG #FinancialCrime #Innovation #Entrepreneurship #FinTech #Collaboration

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📣 UPCOMING WEBINAR: Consumer Duty - A Blueprint for Customer Trust 📆 Thursday 26th September 🕑 2pm BST | 9am EDT The UK FCA's Consumer Duty set the bar for consumer protections - which is now becoming increasingly prominent focus for authorities globally. In this webinar, an expert panel delves into the key principles, frameworks, and obligations firms must adhere to in order to meet these heightened standards. Expect to leave this webinar knowing: 💡What Consumer Duty is, and how it has evolved 💡Successes and challenges in implementation 💡Lessons learned for other jurisdictions 💺 Save your seat: https://lnkd.in/ejw468DT #consumerduty #customerprotection #customertrust #paymentscompliance

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More than half of UK large businesses fear fraud will impact their organisations – Cifas research Our latest survey found 58% of key decision-makers in large UK businesses surveyed have admitted fraud and financial crime poses a serious threat to their organisations – up from 49% in 2023. Promisingly, 77% of key decision-makers said their staff training budgets had increased in the last year, suggesting more organisations prioritised how to strengthen fraud defences, workplace safety, and safeguard employee welfare. Read the full release and download the full Cifas Learning Survey Report 2024 today: https://lnkd.in/e4a7MjbH #Fraud #Fraudprevention #Training #Learning #InvestinLearning #FraudTraining #InternalLearning #ProfesstionalLearning

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🔍 Read in the SAFE Regulatory Radar in July about... 🟢Updates under the Digital Operational Resilience Act: New technical standards and policy products 🟢Banking Package: Three detailed amendments and a new framework by the European Banking Authority 👉Check out the full blog post: https://lnkd.in/e8a_R6RG #regulation #DORA #BankingPackage

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FCA Regulatory Round-up for April 2024 - Consumer Support RFI #consumersupport #customeroutcomes #vulnerabilitymanagement The Financial Conduct Authority has announced a #ConsumerDuty information request on consumer support in their April regulatory round-up. They will be undertaking a two-stage multi-firm review of how firms are supporting their consumers. In the first stage, in Summer 2024 they will contact around 400 firms across different sectors to get insight into the levels of support provided. In the second stage, in Autumn 2024, they will request more detailed information from a smaller sample of firms on their consumer support offer. The aim of this work is to identify and share good practices and challenge firms who offer poor levels of support to customers, including those with characteristics of #vulnerability. This may include Closed Products. I have referenced this following the Sheldon Mills 'Art of the Possible' speech on 20/2/2024, where he focused on some of the risks. They will share the findings of the review in early 2025. It is not clear whether this is running alongside or part of the vulnerability guidance (FG21/1) review featured below. Peter Wordsworth Chris Warburton Jamie Davies Helen Lord Kenneth Doherty Gillian Doyle

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Free to register: Webinar. June 26, 2024 at 2pm. Join FIS and our guest speakers Ray Blake and Graham Barrow from The Dark Money Files Ltd as they discuss the growing problem of anti-money laundering (#AML) financial crime. This webinar explores why traditional anti-money laundering practices no longer work in a world transformed by digitalization, AI technologies, growing financial complexity and geopolitical tensions, and what financial institutions need to do differently. Stay proactive in the fight against financial crime with FIS. Register here. http://spr.ly/60465vbXK #CapitalMarkets #AssetManagement #InvestorServices #AML #FundAdmin #Trading #Compliance #AItech #digitalization #financialcrime #DarkMoneyFiles

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