Nick Reid

£39M Starling Bank Wake-Up Call: Strengthen Your Screening Controls. Starling Bank’s enforcement by the Financial Conduct Authority serves as a wake-up call for all financial institutions and their technology partners. What can we learn from their experience? In our latest blog, Starling Bank’s Screening Failures — A Lesson in Compliance, we highlight 3 key lessons:  👉 The importance of comprehensive screening processes. 👉 Why regular testing and calibration of systems are crucial. 👉 The need for strong vendor partnerships to ensure compliance tech is effective. If you’re an AML manager for a high-growth bank or fintech, this is a must-read>>> https://hubs.li/Q02SvgcX0 #watchlistcreening #regtech #AI #compliance #aml #screening #compliance Cedric Iggiotti

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Struggling with your FCA application? Our latest blog covers what to do next if the FCA ask you to withdraw, and how to avoid common pitfalls > read all about it here > https://bit.ly/4ab34AE #fcaapplication #fintech #fintechs #emoney #paymentsevices #openbanking #p2plending #insurance #investment #complainceofficer #compliancemanagement

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Have your say on simplifying UK consumer regulation for financial services 🙌 Tell us what regulations stand in the way of innovation and better customer outcomes - in our 5 minute survey ✒️👂 Financial Conduct Authority is calling on industry to identify rules which could be removed or simplified if they overlap with the Consumer Duty 📣 This is a review we at Innovate Finance have been calling for and we are delighted the regulator is taking this up 👍 The Consumer Duty is an outcome-based requirement to ensure good outcomes for each consumer - but it currently sits over existing, more prescriptive consumer regulations. The ‘legacy’ set of rules can duplicate or even undermine the Consumer Duty requirements and prescriptive tick box rules are often unsuited to digital consumer journeys. To identify how the FCA can best support growth and innovation, we want to get as many views as possible from the FinTech ecosystem on what rules are holding you and your customers back 🤔 Please complete our survey here 👉https://hubs.ly/Q02MJ9YW0 In return we will share with you the final results - and your views will shape what we take up with the FCA 🗣️ Adam Jackson, Megan Jenkins, Christopher Foo , Roberto Napolitano, MBA, Michael Carter #FCA #InnovateFinance #ConsumerDuty #Regulation #VoiceOfFinTech #UKFinTech

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Have your say on simplifying UK consumer regulation for financial services 🙌 Tell us what regulations stand in the way of innovation and better customer outcomes - in our 5 minute survey ✒️👂 Financial Conduct Authority is calling on industry to identify rules which could be removed or simplified if they overlap with the Consumer Duty 📣 This is a review we at Innovate Finance have been calling for and we are delighted the regulator is taking this up 👍 The Consumer Duty is an outcome-based requirement to ensure good outcomes for each consumer - but it currently sits over existing, more prescriptive consumer regulations. The ‘legacy’ set of rules can duplicate or even undermine the Consumer Duty requirements and prescriptive tick box rules are often unsuited to digital consumer journeys. To identify how the FCA can best support growth and innovation, we want to get as many views as possible from the FinTech ecosystem on what rules are holding you and your customers back 🤔 Please complete our survey here 👉https://hubs.ly/Q02MJ9lQ0 In return we will share with you the final results - and your views will shape what we take up with the FCA 🗣️ Adam Jackson, Megan Jenkins, Christopher Foo , Roberto Napolitano, MBA, Michael Carter #FCA #InnovateFinance #ConsumerDuty #Regulation #VoiceOfFinTech #UKFinTech

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Have your say on simplifying UK consumer regulation for financial services 🙌 Tell us what regulations stand in the way of innovation and better customer outcomes - in our 5 minute survey ✒️👂 Financial Conduct Authority is calling on industry to identify rules which could be removed or simplified if they overlap with the Consumer Duty 📣 This is a review we at Innovate Finance have been calling for and we are delighted the regulator is taking this up 👍 The Consumer Duty is an outcome-based requirement to ensure good outcomes for each consumer - but it currently sits over existing, more prescriptive consumer regulations. The ‘legacy’ set of rules can duplicate or even undermine the Consumer Duty requirements and prescriptive tick box rules are often unsuited to digital consumer journeys. To identify how the FCA can best support growth and innovation, we want to get as many views as possible from the FinTech ecosystem on what rules are holding you and your customers back 🤔 Please complete our survey here 👉https://hubs.ly/Q02MJhvN0 In return we will share with you the final results - and your views will shape what we take up with the FCA 🗣️ Adam Jackson, Megan Jenkins, Christopher Foo , Roberto Napolitano, MBA, Michael Carter #FCA #InnovateFinance #ConsumerDuty #Regulation #VoiceOfFinTech #UKFinTech

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In January 2024, the FCA reviewed 23 payment firms to assess their Consumer Duty implementation, revealing a mix of successes and areas for improvement. The findings showed that while over half of the firms met expectations, others fell behind in crucial areas like fair value, consumer understanding, and support for vulnerable customers. Key takeaways from the observations included the need for more targeted product markets, better price justification, robust consumer communication testing, and enhanced support for all customer groups, particularly those with vulnerabilities. In this article, Jaspreet Kaur, Senior Consultant in our Payment Services Team, has broken down the FCA's findings, providing actionable insights for firms striving to meet regulatory standards and deliver stronger customer outcomes. Read the article in its entirety here https://lnkd.in/eTmj66eY #FCA #PaymentServices #Regulation #Compliance #Cosegic #Consumerduty

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Learn from Monzo Bank on how they are assisting vulnerable customers with debt management approaches at the Utility Week Consumer Vulnerability & Debt Conference 2024, taking place 17 September. Download the brochure to find out more https://bit.ly/44SMq7M

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Yesterday the FCA published its expected Policy Statement on the new Product Sales Data proposals for Consumer Credit. The Statement includes details of the final rules for these returns. The CCTA called for changes in our response around an increase in the threshold for reporting and a later implementation date, so it is good to see both suggestions have been adopted. The threshold has been raised to £2m (from £500k) in outstanding balances and/or new advances, which will mean many small businesses have been lifted out of reporting via the new return. The extended implementation period will also give firms more time to prepare. Despite this, it is disappointing that the FCA has increased the number of data fields included in the overall submission and has dismissed concerns about the level of personal customer data they will hold. We will be meeting with the FCA in the coming weeks to discuss implementation for firms. If you have any initial views on the final rules please get in touch. The full Policy Statement can be read here: https://lnkd.in/ebWDFTDc

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Three in Four UK Financial Services Firms See Digital Trust as a Key Strategic Focus – Do You? https://lnkd.in/eK5sPkBE #UnlockingDigitalID #Videosign #IDverification #RemoteContracting

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Following the Payment Systems Regulator's last-minute consultation on reducing the maximum reimbursement for APP Fraud from £415,000 to £85,000 (without shifting the 7th October implementation date), the FCA has published a new consultation paper (GC24/5) that outlines how firms should adapt to HM Treasury's planned amendment to the Payment Services Regulations 2017, allowing payment service providers (PSPs) to delay payments for up to four working days if APP Fraud is suspected. In this article, John Burns, Senior Advisor in our Payment Services team, explores the circumstances under which PSPs can delay payments and the practical considerations involved in doing so. This marks an important change, particularly given that the new rules lack clear guidelines on when delays should occur. Read more here https://lnkd.in/e4v9AgjJ #Cosegic #Compliance #FCA #Paymentservices #PSR #APPfraud

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There’s still time to sign up! Don’t miss out on our upcoming webinar where we’ll explore how the financial services industry has responded to the launch on Consumer Duty. YouGov’s Director of Financial Services Research, Matt Palframan, will present the results from our 2024 Consumer Duty Index benchmark and share a view on the following: - How has thew overall financial services industry responded to Consumer Duty? - Which sectors have responded most positively? - Which brands are leading when it comes to Consumer Duty & why? - What are the key focus areas for financial services companies going forwards? Sign up now ---> https://okt.to/5XDqdH

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🤝 Events and engagement 🕵‍♂️ Our Head of Supervision and Compliance Monitoring, Oliver Hanmer, was at the 19th NextGen Payments & RegTech Forum. He held an interactive session and Q&A on the role of strategic supervision and engagement in supporting UK payments now and for the future. QUBE Events 👨‍💻 Our Head of Strategy, Analysis and Engagement, Dan Moore, led a roundtable organised by the Official Monetary and Financial Institutions Forum – a think tank which focusses on central banking and economic policy. The topic was technology and its impact on payments – providing a great opportunity to discuss innovation in payments. OMFIF 👀 Take a look... 📊 Next month, we plan to publish data on the firms which are most commonly reported as enabling contact between fraudsters and victims. Ahead of publishing, we have written to the relevant firms, setting out the aims of publishing this data, how we collected the data, and future plans for publication. Firms have the opportunity to meet with us or share their comments on our plans to publish this data by 5pm on 4 December 2024. Written comments can be sent to [email protected]. You can read our letter here: https://lnkd.in/eNavVddX 🚨 Exciting job opportunities at the PSR! We’re looking for: -       APP scams policy specialists -       Press office and digital content specialist -       Price regulation policy senior associate -       Payments specialist -       Correspondence handling associate 👉 Apply now and help us make a difference! https://lnkd.in/dEfs_SRQ #hiring #jobsearch #innovation #fraudprevention #supervision #engagement

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🚀 Exciting news! 🚀 Infact has raised £4 million in seed funding and secured FCA authorisation as a Credit Reference Agency. This marks a major milestone in our mission to establish the UK's first real-time credit bureau for the digital financial services market. At Infact, we're solving the well-documented problems with legacy credit reference agencies that underserve both consumers and lenders. Our platform accurately represents modern credit products and consumers in a way existing bureaus can't, offering a simple API for lenders to report and receive consumer credit risk insights in real-time. The funding round was led by AlbionVC, with participation from 13books Capital, Outward VC, Form Ventures, and Portfolio Ventures , alongside leading angels in the credit referencing, lending, and fintech space. This investment will fuel our growth, allowing us to: • Accelerate building our rich bureau database  • Extend our product suite to support the entire credit lifecycle  • Expand our team of credit information experts Since securing FCA authorisation, we've seen early success with several leading UK lenders engaging to help populate our bureau. We've also successfully launched our regulated affordability product, Affordability Engine. The future of credit reporting is real-time, and Infact is leading the charge. We're committed to improving financial inclusion, promoting financial visibility, and helping lenders reset the scales when it comes to credit. Read the full story: https://lnkd.in/ejuSNpYT   #CreditReporting #FinTech #FundingNews #Innovation 

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📢 New interview out now! Consumer Duty was introduced by the FCA in July 2023 to elevate consumer protection and outcomes in financial services. For retail financial services organisations, implementing Consumer Duty can often mean significant procedural and cultural transformation. Ahead of the CX BFSI UK Exchange in March next year, we were lucky enough to sit down with Keith Richards, Chief Executive Officer of the Consumer Duty Alliance, to discuss the implementation of Consumer Duty and the impact on customer experiences and outcomes. Download the interview to find out: ✨ How Consumer Duty differs from previous regulatory frameworks ✨ What changes retail financial services firms are making to enhance customer outcomes as a result of Consumer Duty ✨ How to approach the interpretation of regulation and communication with the wider organisation ➡️ Get your copy here: https://lnkd.in/epf-ScVM #CX #CustomerExperience #BFSI #CXBFSI #ConsumerDuty #FCA

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Our CEO being interviewed by CX Exchange to find out how #ConsumerDuty is having an impact across the personal finance sector, since implementation in July 2023 by the Financial Conduct Authority In particular, Keith discusses: ✨ How Consumer Duty differs from previous regulatory frameworks ✨ What changes retail financial services firms are making to enhance customer outcomes as a result of Consumer Duty ✨ How to approach the interpretation of regulation and communication with the wider organisation Worth a look 👀 #FinancialPlanning #FinancialAdvice Society of Later Life Advisers Personal Finance Society The Chartered Institute for Securities & Investment (The CISI) LIBF

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In our latest blog, we explore the regulatory requirements and options to enable you to offer Open-Banking-enabled services, including...
 🔗 The differences between becoming an AISP and an AIS Agent 💡 How each role fits within the wider Open Banking ecosystem 📅 The FCA authorisation process and timeline - and how we at Moneyhub can help with this To find out more, read the blog - https://buff.ly/3wivnzb

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Don't miss the opportunity to hear from industry experts, Director Alison Donnelly, from fscom, and our Founder Daniel Saliba, on the recent Financial Conduct Authority consultation on proposed changes to the current Safeguarding regime. The event is organised by London Governance & Compliance Academy (LGCA), and will take place on Wednesday, 20 November. #FreeWebinar #FinancialServices #FCA #Safeguarding #Compliance #RiskManagement #LGCA #LighthouseComplianceUK

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