Compliance Services for Account Information and Payment Initiation Service Providers

Cosegic is one of the UK’s leading providers of regulatory compliance services for Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs).

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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

We know what the FCA is looking for after successfully managing over 1,500 applications across all financial sectors. We work closely with our clients to ensure a complete application, which at the core reflects the client’s business plan, reaches the Regulator, to help ensure authorisation is achieved efficiently.

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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.

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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.

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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.

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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.

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Ongoing compliance support and regulatory projects

Consumer Duty

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

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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.

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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.

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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.

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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.

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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.

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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

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Compliance Healthcheck

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

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Notifications

Guidance for firms on submitting notifications to the FCA.

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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.

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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.

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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.

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