A special thanks to Hon Dr Craig Emerson for joining us as a guest on our Payment Times Reporting webinar, where we explored the proposed changes outlined in the Payment Times Reporting Amendment Bill 2024. If you were one of the over 400 people who joined, we hope you enjoyed the webinar! If you are uncertain as to what the significant changes mean for your reporting, please feel free to DM me or email [email protected] to explore how our specialist PTR Advisory team can support you on your PTR journey. #Payments #SmallBusiness #Regulation #PaymentTimesReporting

Financial Conduct Authority Calls on Firms to Improve Treatment of PEPs Sarah Pritchard, the FCA’s Executive Director of Markets and International, commented: “Public service naturally comes with greater scrutiny. But it must be proportionate and shouldn’t disadvantage people running for office or taking senior public roles, or their families. That requires a balancing act. Most firms try to get it right but there is more they can do. We’re following up with those firms that were getting the balance wrong to ensure they make changes. “We have heard directly from some parliamentarians about the problems they and their families have faced. We have been clear where we expect firms to make improvements, including in how they communicate with their customers”. https://lnkd.in/emR__Aj9 #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

In the FT Adviser article titled 'What does the FCA’s survey mean for ongoing services?', our Associate Director Paul Caine DipPFS provides insightful commentary on the implications of enhanced supervision within the financial services sector. ''Enhanced supervision might also include regular reporting requirements, targeted inspections, and thematic reviews'' Paul Caine For a detailed analysis of this topic, we encourage you to read the full article: https://lnkd.in/d3tr_uJG #financialadvice #financialservices #financialtimes #regulatoryadvice #ongoingservices #compliance

FT Adviser - What does the FCA’s survey mean for ongoing services? More than £5bn of adviser payments were made for ongoing services in 2022, a sum significantly outnumbering payments for initial, one-off and ad-hoc services, according to Financial Conduct Authority data. So it figures that the regulator’s information request for around 20 of the largest advice firms about their delivery of ongoing advice services is something that could have an impact on the industry as a whole ... Vanessa Johnson #regulation #FCA #Financialadvice #compliance #ongoingservices https://lnkd.in/ehDCNj2J

Worth a read. Firms providing an ongoing service to its clients must be able to demonstrate that what they are saying on the tin is actually being carried out in practice. The Consumer Duty has only heightened the focus in this area as firms are now required to demonstrate that they are delivering an ongoing service at fair value.

At #FirstIndependence, we're delighted to support our customers in staying informed and updated on noteworthy information that can affect their daily lives. If you are a #smallbusinessowner and your company was created or registered in the U.S. in 2024, it may not be exempt from beneficial ownership information reporting requirements. In fact, your business's filing deadline may be approaching. These reporting requirements are mandated by the Corporate Transparency Act, a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts. This law requires many #smallbusinesses to report information to the federal government. To familiarize small business owners with these beneficial ownership reporting requirements, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a helpful online resource. To review this resource to make sure that your company is compliant, visit https://www.fincen.gov/boi ~ #ficonnected #bankingDetroit #bankingTwinCities #banking

The CFPB has ramped up its enforcement, rulemaking and public messaging for payments companies. Erin Cass, Paul Hastings; Lee Gilley, Bradley Arant Boult Cummings LLP; and Antonio Reynolds, Wiley Rein LLP helped compliance executives think about the CFPB.  #ETAPCC #PaymentsCompliance #ETAPaymentsComplianceConference 

On The Radar: The CFPB has updated the financial institutions' appeal process for supervisory findings. As part of the revised process, an institution can file an appeal of any compliance rating or finding—an opportunity to challenge any assessment of their compliance with regulations. https://bit.ly/42Oypa4

Get our team’s top insights into the accounting topics, regulatory updates, and consumer compliance issues affecting #CreditUnions in the Crowe 2024 Credit Union Midyear Update webinar recap. https://bit.ly/4cfkMnD

The Financial Action Task Force (FATF) has launched revisions to Recommendation 16, its Interpretive Note, and associated Glossary of terms, aligning them with evolving #payment business models and messaging standards. Responses to the consultation exercise are to be submitted by 3 May 2024. https://lnkd.in/d6F4YUnC #GTG #advocates #corporate #financialservices #fintech #compliance Cherise Abela Grech l Agnes A.