With the latest PSD2 directives coming into force shortly, Payment Institutions and Electronic Money Institutions are tasked to ensure they have implemented new IT rules, security protocols and further enhanced compliance if they wish to be able to continue to provide their services.
In short, all authorised firms must re-apply to the FCA if they wish to keep their license.
An example of some of the rules are;
- Procedures for monitoring security incidents
- Handling security related customer complaints
- Impementing incident reporting systems
- Managing the data for sensitive payments
- Detailed BCP
- Risk assessments
- Identification of fraud risks
- Management of personal data
WHY THE NEED FOR PSD2
The new rules are not simply about reviewing your business, they are designed purposefully to make Payment Institutions implement real changes to enhance business performance. The new requirements could work to improve the security of your business and so in turn improve the attractiveness of your business to customers, thus making the sector more viable and safer amidst the current market climate.
The application open date is 13 th October 2017. Authorised PIs and EMIs need to submit their application no later than April 2018.
Pro Legal are widely recognised in the compliance industry as one of the most formidable specialists in FCA authorisation. Once appointed, we shall work with you to assist in preparing an institutional level submission and remain on board throughout the PSD2 process, until you are authorised.
Tech World Analysis
WHAT WE OFFER
The following services explain how we approach Tech World for a range of common purposes:
- Money Transfer Licence
- PSD2 Application
- Credit Authorisation
- Compliance Audit