Our expertise
The Payment Services sector is very much an area of the FCA’s focus at the moment, with firms likely to be facing more active and detailed supervision from the Payments Market Interventions team and the possibility of a "holistic review" of their entire business should they appear on the FCA’s radar for anything. Given this current mindset, firms going through the authorisation process and managing their ongoing compliance requirements need to be aware of the FCA’s concerns and what is needed to meet the regulator’s expectations.
Since the setting up of our dedicated Payments Practice over seven years ago Cosegic has assisted hundreds of payments firms from across the sector, ranging from small payment institutions to banks, giving us a unique insight into the sector and the issues faced by firms.
Our dedicated team, led by two ex-FCA payment services regulators, James Borley and John Burns, have unsurpassed knowledge and experience to support firms with all aspects of their compliance. Through the breadth and depth of their collective expertise and experience we offer an outstanding service, interpreting the regulations, providing practical, usable advice and solutions that work for your business whilst meeting the increasing demands and requirements of the regulator.
FCA authorisations and application services
We can support Payment Services firms with all aspects of their compliance.
FCA Authorisation & Applications
Change in Control
Variation of Permission
Agents and Distributors
FCA Sandbox
Ongoing compliance support and regulatory projects
Consumer Duty
Safeguarding Audits
Wind-down planning
Regulatory Reporting
Financial Crime
Capital and Liquidity Adequacy
Training
Compliance Healthcheck
Payments Compliance factsheet
Payment services firms need to be aware of the compliance obligations of the Payment Services Regulations. To help them understand their obligations, Cosegic has produced this useful checklist setting out what you must do, what the Financial Conduct Authority (FCA) expect and the reporting and notification obligations that apply to some firms.
Ongoing support services
We offer different retainer service options to help Payment Institutions meet the Payment Services Regulations and associated regulatory obligations, as well as being there to deal with unwanted issues such as incident reporting, should they happen.
Contact us to discuss
Why choose Cosegic?
Our 360 degree perspective of regulatory affairs
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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
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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
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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
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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