Steve Brett

** TVP Officers ** ABS / RSS webinars as promised...... The webinars to cover off the RSS / ABS statements are out on the intranet for booking, the message went out around midday from the Chief. Please note, 327 people have already booked in so if you are in need of a space, please book soonest to avoid disappointment. There are 10 webinar times over 3 weeks, we will only be covering off the remedy and what the statements mean to 1987 and 2006 members. Sadly, due to the sheer demand, we will be unable to provide bespoke information but the webinars should give you a good overview of the remedy and the advantages / disadvantages for the choice you may want to make. Also, if you joined after 01/04/2015 or are police staff, please do not dial in, you either do not benefit from the remedy or if you are staff, you have an underpin that operates differently to the pension remedy for officer pensions. See you all over the next month - I'll have no hair by the end of it!

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𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧: 𝐖𝐡𝐚𝐭’𝐬 𝐭𝐡𝐞 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞 𝐛𝐞𝐭𝐰𝐞𝐞𝐧 ‘𝐒𝐜𝐚𝐦𝐬’ 𝐚𝐧𝐝 ‘𝐀𝐏𝐏 𝐅𝐫𝐚𝐮𝐝’ 🤔 Scams: Citizens Advice estimate there are 𝘧𝘰𝘶𝘳 𝘮𝘪𝘭𝘭𝘪𝘰𝘯 𝘱𝘦𝘰𝘱𝘭𝘦 𝘴𝘤𝘢𝘮𝘮𝘦𝘥 𝘺𝘦𝘢𝘳𝘭𝘺 in the UK 🤯 APP Fraud: The Payment Systems Regulator reported there were 252k 𝘤𝘢𝘴𝘦𝘴 of Authorised Push Payment Fraud in 2023* Why is there such a chasm between the two??? - Because there is a difference between estimates and reports? And perhaps people vs cases? - Because APP is a small subsection of ‘scams’? - Because of something else? Does anyone have better insights and thoughts? PS: Tagging a few people more knowledgeable than me who might be able to comment - hope you don’t mind 🕵️‍♂️  *these cases are from the 14 largest banking groups - Revolut, Wise and others are not included in the data.

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Today marks the launch of the governments Fair Payment Code. Read the full article from Credit Connect UK Late payments are causing small business, in particularly to suffer hardships and in a lot of cases in recent years fail. With SME's estimated being owed in the region of £22,000 due to late payment it is vital to review how payment is collected swiftly and without friction in the payment medium and with the business relationships not being harmed. The Government have an awards scheme in place to reward companies paying on time and also to build up a clear picture of those who do not. All SME's deserve to be paid on time as some resort to taking out loans to cover costs and mounting debt. Time to review how to get paid, why should a business wait for a payment to be made against invoice. The use of card payments although come with a cost reduce the time to get paid. Solutions such as open banking payments and using a pay by link service could support in keeping the cashflow flowing Good Business Pays has lots of very helpful information including their late and slow payment lists. #sme #latepayment #paymentservices exactly.com can help #reducetime #construction #retail #hospitality #fair #paybylink #openbanking #paybybank #mastercard #Visa #B2B

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When we were building The Digital DRA and preparing for our launch, I can't deny that I felt anxious about how we would measure up against the well-established traditional debt collection agencies 😨. As the UK's first FCA authorised Debt Resolution Agency 🚀, we entered the market with a fresh approach, focused solely on delivering the best possible customer experience for struggling individuals, rather than prioritising payments 🫶. The best strategy for convincing new prospects to leave their current supplier isn’t exactly by offering worse results 😬🫠. Fortunately, our passion for helping people shined through 💜. Now, 3 years later, we compete on multiple panels against various agencies, and we have the data to prove an empathetic, friendly and convenient Digital Debt Resolution approach can not only compete, but often outperform traditional debt collection methods 🫡. We’ve put together a case study looking at a recent champion challenge, highlighting the differences between the two approaches and the outcomes. If you're interested in a copy, feel free to reach out 👨‍🚀. Nice guys don’t always finish last 😉 😅 #JoinTheResolution   

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A new SME insights report by Dojo has revealed that an estimated 110,940 SMEs are at risk of going bust due to having no cash left to support business operations. Read more in this Credit Connect UK article here: https://lnkd.in/dVjPm3sc #CreditManagement #SME #Business #News

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‼️‼️Finally, Umbrella Compliance (albeit through the back door… ) So as the government were busy with the budget they also announced an update on how they want to clean up Umbrella Compliance (I totally agree!!!!). The proposal from HMRC & Treasury to support compliant umbrellas by making agencies liable for any “shortfall” in PAYE/ NICs means now it is more important than ever to work closely with compliant, established, financial secure umbrella companies. Liquid Friday Ltd whole heartedly support the governments response and we are looking forward to working closely with other stakeholders to help shape the detail. More to follow. https://lnkd.in/ecPtjZWW. #umbrella #payroll #recruitment

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⚠️ What Could RDR 2.0 Look Like? As we approach 12 years since the FCA implemented the Retail Distribution Review (RDR), it's intriguing to consider what a second iteration of RDR might entail. With significant changes like the introduction of the new Consumer Duty, the financial landscape is ever-evolving. 🤔 Here are some of my thoughts on what RDR 2.0 might look like: 1) Elevated Qualification Standards: The original RDR raised the bar by requiring advisers to achieve Level 4 (diploma) qualifications, up from Level 3 (certificate). RDR 2.0 might push this further, potentially mandating Level 6 (chartered) status. This would align financial advisers more closely with their peers in the legal profession, enhancing the industry's overall credibility. 2) Revised Adviser Charging Models: The ban on commissions was a cornerstone of the first RDR, paving the way for adviser charging. The next step could involve prohibiting percentage-based fees for ongoing services. Instead, adopting fixed fees or hourly rates, similar to the legal field, could be on the horizon. This shift would pose significant challenges, especially for large national firms. 3) Regulation and Firm Structure: Smaller firms often feel the weight of regulatory demands, and managing one-person directly authorised firms can be particularly challenging. RDR 2.0 might introduce a requirement for a minimum number of directors, perhaps two or three, to ensure redundancy and a broader skills base within firms. 4) Debt-to-Assets Ratio Limit: With rising interest rates and a spotlight on advisers charging fees only for delivered services, a cap on debt ratios could be sensible. This would ensure firms remain solvent and limit reliance on 'Goodwill,' which is not guaranteed. These are just a few thoughts on what RDR 2.0 might bring. What changes do you foresee in the next phase of financial regulation? #FinancialServices #RDR2 #FCA #ConsumerDuty #FinancialRegulation #IndustryThoughts #ProfessionalStandards

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If you would like a simplified and easy understanding of which payments are in/out of scope and when who will need to reimburse (or not!), Richard Creed 's webinar does just that.

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Well done David Geale and the Payment Systems Regulator for sticking to the plan and the 7th October implementation date. The need for regulatory intervention in the #UK is clear, evidence-based - and has been a long time coming. Only when the right incentives are in place will we see Payment Service Providers (from #banks to #fintech) change their behaviour and fully assume their duty to customers and society by being more proactive in their efforts to reduce #EconomicCrime. The cost of fraud to #victims, the national and global #economy is enormous - and a #PSP is best placed to deploy and evolve preventative measures. If a firm cannot afford to protect its customers and the associated liability for the business it writes, then it either needs a better business model and/or processes, or should leave the market to others that do. https://lnkd.in/eWnTNMZW #Regulation #Payments #CRM #AuthorisedPushPayment #APP #Fraud #Crime #Police

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Join me as I speak with Simon Taylor about the fintech/sponsor bank relationship and how to navigate compliance requirements in this evolving space! Shout out to Soups Ranjan, Eduardo Lopez, and my other friends at Sardine! Looking forward to this one. 💪🎙️ #BaaS #compliancematters

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Wow, #Monzo is pioneering and innovating Fraud Management again, making sure our valnurable ones are more secured. Always stepping forward and bringing new approaches for #scamprevention and #fraudprevention

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🔐 Need help with FCA Consumer Duty Board reporting? Our detailed guide covers assessment frameworks, best practices & compliance requirements. Transform your approach to consumer protection. https://lnkd.in/enuq7srm #ConsumerDuty #UKFinance #ComplianceMatters 📊 💼

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**Government Accountability is a fairy tale, and Hackney proves it.** As leaders in any sector, whether in public service or business, the moment we lose control over our finances is the moment we betray our integrity and trust. 🤦‍♂️ This is what we're witnessing now in Hackney, where an 'unprecedented' overspend has ignited a local government crisis [Link to article](https://lnkd.in/eCgBeUQv). Let's break this down.👇 **Why is this happening?** - **Lack of Foresight:** Budgeting should be proactive, not reactive. Financial planning must consider potential crises and set realistic expectations. - **Overlooked Metrics:** Key performance indicators must be closely monitored. Ignoring them leads to overspending before anyone realizes. - **Diluted Responsibility:** When accountability is unclear, financial chaos ensues. **Does this affect private businesses? Absolutely!** The lessons are universal: - Adapt financial tools like Finotor for real-time analysis of spending patterns. 📊 - Foster a culture of transparency where financial health is everyone’s responsibility. - Regularly review and adjust—what works today might not suit tomorrow's challenges. The Hackney overspend is a cautionary tale but also a call to action. Whether you're in local government or running your own business, prioritize financial discipline. Make tools and technology your allies, and don’t let the numbers surprise you. Remember, financial control is not just about balancing the books. It's about building a future with foresight and strategy. Stay sharp, stay accountable! 💪 Franck BRUNET ---------------------- Liked this post? Want to see more? Ring it on my profile 🔔 Connect with me 🔝 Follow me: #franckbrunet #finotor

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Nice work Monzo Bank. I particularly like the "Trusted contacts" option - effectively setting up a dual signatory system for transactions above a certain limit. This is something I've been advocating for a long time - and functionality previously only possible with a business account. This is the type of innovation institutions are capable of in the fight against #AuthorisedPushPayment (#APP) #Fraud - and a far better use of their time (and a better outcome for society) than lobbying against new regulation that makes sending and receiving institutions liable 50:50 (due 7th October). The right incentives drive positive change. #fintech #payments https://lnkd.in/exEMFNCB

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