The Financial Conduct Authority (FCA) has published its feedback to the consultation on operational resilience CP19/32 and the final rules. These require firms under the Electronic Money Regulations (EMRs) and The Payment Services Regulations 2017 (PSRs) to have undertaken a number of actions by the implementation date of 31 March 2022. This include five core exercises:
- Identifying and mapping your ‘important business services’
- Setting appropriate impact tolerances
- Identifying and carrying out scenario testing
- Documenting a self-assessment
- Developing internal and external communication plans
These were explained in a webinar that is available to view now
Understand more with our webinar
Addressing these requirements will require significant time and resource. Compliancy Services can provide you with the support and tools you need to prepare, minimising mistakes and reducing the time spent.
- Assisting and running workshops with your business to help you identify and map your important business services
- Helping you to set up and tailor appropriate impact tolerances that relate to your business model
- Supporting the development of severe but plausible scenarios relating to your business and testing new routines to deal with them
- Helping you to formulate your self-assessment and prepare in the event of an FCA review
- Assisting in the preparation of an appropriate communication plans
Obtaining external support to meet your new obligations will not only increase efficiency, it will also demonstrate to the FCA that the senior management has taken reasonable steps to remain compliant. As one of the UK’s leading providers of regulatory compliance services to firms that provide payment services and issue e-money we are highly experienced in helping firms undertake this type of assessment and know what the FCA are looking for.
WHY CHOOSE COMPLIANCY SERVICES?
- An award-winning dedicated Payment Services team that know the regulatory landscape inside out
- Having provided services to 1 in 5 of all authorised payment and e-money institutions, we are one of the leading compliance consultancies
- A team with unrivalled experience and knowledge which includes two ex-FCA payment services regulators, James Borley and John Burns
Contact us to discuss your Operational Resilience
ONGOING SUPPORT SERVICES
Minimising your time and resources, reducing the regulatory burden
We offer three different retainer service options to help Payment Institutions meet the Payment Services Regulations and associated regulatory obligations. Expert consultant led services interpreting the regulations and providing practical, usable advice and solutions that work for your business and the regulator.