Prudential Webinar: Payment Services

Date: 27 February 2024

Format: Recorded Webinar

What is the FCA’s current Prudential and Regulatory Reporting Focus

Webinar held on: 27th February 2024

Time: 10:00 am - 10:45 am

Hosted by: Harpartap Singh, Jonathan Aseervatham & Stefan Babic

This webinar has now passed but is now available to view on demand. The recording of this webinar will be relevant for all firms within the Prudential & Payment Services space, including, electronic money institutions, payment institutions, account information service providers, fintechs, and cryptoasset firms. Access the recording of the webinar using the button below.

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Webinar Background

On 27th February 2024, we hosted a Prudential Webinar, focussed on Payment Services and looking specifically at what's coming down the regulatory track for 2024.

2023 was a busy year for Payment Services Firms in terms of keeping on top of their prudential and regulatory reporting requirements. We have worked with numerous firms helping them with:

Assessments of the adequacy of financial resources (capital and liquidity)
Enhancing risk management and liquidity frameworks
Implementing harms analysis and risk quantification methodologies
Developing stress testing approaches
Responding to FCA feedback in respect of wind-down planning

Looking towards what's to come in 2024, we thought it would be useful to put together a webinar that:

highlighted the key prudential initiatives and reforms hitting firms and compliance departments in 2024;
shared what we believe are key FCA priorities and any common themes we are seeing; and
helped enable participants to earmark resources to prepare for regulatory initiatives in good order.

Agenda

This webinar covered...

Prudential risk management

Liquidity risk management
New FIN073 return - Baseline Financial Resilience Report, that now impacts AEMIs, SEMIs, APIs, SPIs and RAISPs from January 2024.

Additional financial resources requirements

Harms identification and quantification
Callibrating risk appetites and KRIs

Modelling plausible scenario and stresses

Real-time monitoring of capital and liquidity

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Speakers

Harpartap Singh is responsible for the for the development and expansion of Cosegic's prudential services offering and client service delivery. He has substantial experience helping firms manage their prudential regulatory obligations, including investment firms' ICARA and banks' ICAAP and ILAAP reviews; SREP remediation; REGDATA reporting; recovery and resolution plans; wind down planning; regulatory capital restructuring; and M&A due diligence. Whilst he has substantial experience helping firms across all sectors to comply with their prudential regulatory obligations, his particular strength is helping investment firms and credit institutions.

Jonathan is a Director of our Prudential team, where he specialises in helping our clients to assess their regulatory capital and liquidity requirements; to implement IFPR including developing ICARAs and wind down plans; and to assist with their regulatory reporting obligations. As well as being an experienced compliance professional, Jonathan is also a qualified ACA chartered accountant and a fellow of the Institute of Chartered Accountants in England and Wales (ICAEW).

Stefan is an Associate Director within our Prudential Services team. He specialises in providing technical support to our clients in respect to capital and liquidity requirements, assisting clients with their with financial and non-financial risk management, supporting firms with ICAAP, ICARA and Wind-down planning and providing ongoing support to firms requiring assistance with their prudential obligations.