FCA Transparency Requirements
Posted 02 September 2020
AFEP has been working closely with the FCA over the past 18 months on the issue of transparency. The FCA has now publicly released the research which much of our work with them has been based on. You can find the document here:
Over the next few weeks we will be issuing our latest piece of good practice guidance on customer communication, websites and the presentation of FX costs.
FCA Emerging Risks
Posted 26 August 2020
The Rapid Response Unit in the Payments Department at the FCA are approaching member firms for a large amount of information so they can identify emerging risks and identify firms where harm may already be occurring.
They are asking firms to provide responses to a wide variety of questions which AFEP has circulated to members within a very short deadline, and firms are advised to be prepared to provide this to the FCA.
If you have any questions about the content or get approached by the FCA about this, please don’t hesitate to contact Liz
Wind Down Plans
Posted 10 August 2020
Given the recent requirement of the FCA for all firms to have Wind Down plans, Simon Tweddle from Risk Shapes is kindly hosting an AFEP webinar: Introduction to Wind Down Plans.
The webinar will be Tuesday 11th August at 2pm, if firms are keen to reserve a space, please email Liz!
Barclays & AFEP Updates
Posted 07 August 2020
We are very grateful to Barclays for providing AFEP members with some very useful insights this week. Ifanyone would like AFEP to provide CPD certificates for attendance at these webinars, please contact Liz.
As a reminder the sessions were:
Session 1 - FX · Trends we have seen during COVID-19 · Where market is heading · Innovation in the future Speaker: Joe Lukens
Session 2 - FinCrime A Bank’s view on the key risks FinTechs manage and mitigate · Financial Crime trends that most impact PSPs · Sharing best practices and use cases Speakers: Karen Blunden, Adrian Preuth
Session 3 - Payments · Impact of COVID-19 on payment volumes · The future of payments o Instant payments o Cross Border payments Speaker: Maarten Lossie
We are very grateful to Barclays for working with AFEP, and I’m sure that members will find them informative.
FCA Guidance and Dear CEO Letter Webinar
Posted 05 August 2020
A big thank you to Alison Donnelly from fscom for updating members on the FCA’s July Dear CEO letter to APIs and EMIs. A webinar of the output can be accessed here:
Access to Payment Account Services
Posted 03 August 2020
Through Munish Trehan, AFEP have worked closely with UK Finance to develop guidance on which is aimed at both credit institutions providing access to payment account services and applicants seeking access to such an account within the UK. It aims to bring together the most relevant guidance around access to payment account services for applicants and credit institutions in such a way that it focuses on the responsibilities of both parties.
You can access the document via this link: