Our expertise

Our Managing Director, Payment Services, John Burns was member of the European Central Bank’s Forum on the Security of Retail Payments working on the requirements for Strong Customer Authentication and the Account Information Services and Payment Initiation Service. We have worked with payment service providers ranging from Small Payment Institutions up to Banks advising on the compliance with the requirements and, importantly, on the application of the exemptions under the Regulatory Technical Standards (RTS) to the business models of firms.

We are also experienced in assisting with applications for authorisation as a Payment Initiation Service Provider and/or registration as an Account Information Service Provider with the FCA (or Variations of Permission to add these activities to existing authorisations), including support through the FCA’s Sandbox.

It is a characteristic of the FinTech/Open Banking community that the business ideas developed were often “not in the contemplation of the legislators” when the regulations were drafted. We can provide detailed regulatory opinions identifying how the regulations apply (or do not apply) to innovative ideas, and indeed how business models can be structured to be within, or outwith, the FCA’s regulatory perimeter.

With the FCA’s increasing focus on the sector, it is important that firms have a good understanding of the requirements and how they can comply and prove that they are complying.

If you are already working in open banking and have a question, or are thinking about moving into the area, speak to one of the team. It could save you time and money in the long run.

FCA authorisations and application services

FCA Authorisation

We have managed over 1,500 successful FCA applications across all sectors and frequently interact with the FCA to keep our understanding of its requirements fresh and up to date.
Find out more

Brexit and TPR

If you are a firm from within the European Economic Area (EEA) and are looking to continue or start offering financial services in the UK, we can help you to get authorised and regulated by the FCA.
Find out more

FCA Sandbox

The FCA Sandbox is open to authorised firms, unauthorised firms that require authorisation and technology businesses that are looking to deliver innovation in the UK financial services market. Cosegic can help firms prepare their application to enter the FCA Sandbox and help them navigate through to successful authorisation.
Find out more

Variation of Permission

If you are an authorised firm looking to change your regulated activities, start a new business line or add new product/client types to your business line, we can support you with your variation of permission (VOP) application.
Find out more

Change in Control

If you are looking to acquire or increase control of a regulated firm you must send a notification to the FCA for a Change in Control (CiC) and have prior approval from the FCA before the transaction can go through. We can help you notify the FCA of the change and ensure that the CiC goes smoothly.
Find out more

Agents and Distributors

We can help payment services and e-money agents meet the compliance requirements of their principals as well as help to ensure that principal firms are hosting a compliant network.
Find out more

Ongoing compliance support and regulatory projects

Regulatory Reporting

Regulatory reporting is the main regular communication the FCA has with most firms. Mistakes in regulatory reporting can lead the FCA to conclude that the firm’s controls are not at an appropriate level, and lead to further investigation. We can help ensure that firms get it right the first time.
Find out more

Consumer Duty

A wide range of services options to support all firms with the implementation of the new Consumer Duty.
Find out more

Capital and Liquidity Adequacy

The FCA is looking very closely at the financial stability of firms which it regulates. We help firms to monitor that they are meeting their regulatory capital requirements on an ongoing basis, and that their liquidity testing meets the FCA’s expectations.
Find out more

Wind-down planning

The FCA has made it clear that all regulated firms need to understand how they would wind-down their business in practice. We have assisted numerous firms with theirs, so understand the scope and level of detail the FCA expects.
Find out more

Compliance Healthcheck

Our Compliance Healthcheck gives you comfort and peace of mind that you have appropriate compliance arrangements in place.
Find out more

Training

Ensuring your management and staff receive appropriate compliance training is a requirement of the FCA’s regulations. We offer two options, online training courses using our PortAll software and bespoke classroom training and workshops
Find out more

Financial Crime

Under UK legislation, relevant firms must be able to demonstrate that they have robust governance, effective risk procedures and adequate internal control mechanisms to manage their financial crime risk. We help a broad range of firms across all financial sectors, with a special emphasis on those organisations for whom financial crime is especially complex and demanding.
Find out more

Ongoing Compliance Support

Cosegic support hundreds of firms with their ongoing compliance requirements, be it through regular compliance monitoring, online and classroom training, compliance assurance reviews or carrying out remediation required to meet regulatory obligations.
Find out more

Safeguarding Audits

Safeguarding is the primary customer protection measure for payment services and e-money firms, hence it is one of the FCA’s main areas of focus for our sector. As one of the most knowledgeable and respected Payment Services regulatory compliance consultancies, we have the qualifications and experience to undertake the required independent safeguarding audit.
Find out more

Notifications

Guidance for firms on submitting notifications to the FCA.
Find out more

Why choose Cosegic?

Our 360 degree perspective of regulatory affairs

01

Our 360 degree perspective of regulatory affairs

Our wide range of financial sector experts come together on a regular basis to discuss their interactions with the FCA and the regulatory trends that they are seeing, providing us with a more informed understanding of the FCA than our competitors.

Direct, proportionate advice

02

Direct, proportionate advice

Our unique perspective means we really do have our fingers on the pulse of regulation, which helps us to ensure that the advice we offer is practical, helpful and directly proportionate to our clients’ needs.

Our understanding of the role of compliance in firms

03

Our understanding of the role of compliance in firms

We have watched the evolution of compliance over the past twenty years and understand that compliance must now become a core part of how financial services carry out their businesses in order for them to be successful.

Compliance confidence for visionary growth

04

Compliance confidence for visionary growth

In recognising this, our services have been built in a way that can help you navigate regulation ensuring you will keep your vision and objectives intact. Our breadth of experience allows us to balance your business objectives with your compliance requirements.

We're experts in our field

Meet James Borley, Managing Director of our Payment Services practice. James is a highly qualified financial services expert and a familiar name to many in the payments and e-money community. James leads our Payment Services Practice and provides technical support to our clients, specialising in payment services regulation and new firm authorisations. James represents Compliancy Services as a member of CryptoUK; The Association of Foreign Exchange and Payment Companies (AFEP); and The Association of Professional Compliance Consultants (APCC), where he chairs the FCA Authorisations Working Group and co-chairs the Crypto Working Group.

CONTACT JAMES

James B

Related resources

VIEW MORE RESOURCES
iStock 1181983763 Event

Webinar: Immediate Consumer Duty priorities and how to achieve customer understanding

Read more
iStock 1437540145 Article

More time for payment service providers to investigate suspected fraud

Read more
iStock 1166187829 Article

Does the FCA consultation on enforcement signal a more aggressive approach?

Read more
iStock 1332708318 Article

Regulatory News: FCA to carry out a review of firms and how they treat vulnerable customers

Read more