Together, we can make a Difference
Regulatory
The Regulatory Working Group has the specific purpose to engage with regulatory bodies to promote and champion the regulatory concerns of members of The Payments Association, and drive change towards the development of a fairer regulatory landscape for payments companies.
TPA response to FCA consultation CP24-20 on ‘Changes to the safeguarding regime for payments and e-money firms’
The Payments Association welcomes the opportunity to contribute to the FCA’s call for input on ‘Changes to the safeguarding regime for payments and e-money firms’.
The community’s response contained in this paper reflects views expressed by our members and industry experts recommended by them who have been interviewed and who are referenced below. As The Payment Association’s membership includes a wide range of companies from across the payments value chain, and diverse viewpoints across all job roles, this response cannot and does not claim to fully represent the views of all members.
We are grateful to the contributors to this response, which has been drafted by Brett Carr, Associate, Latham & Watkins and Omar Salem, Partner, Fox Williams.
Why should I join a working group?
The Payments Association’s working groups are comprised of industry experts from across the payments chain, who share the mission of driving industry change to shape the future payments landscape and improve the industry on behalf of members of the association.
Being a member of one of The Payments Association’s working groups comes with a host of benefits:
In addition, committee members will receive:
All working group members are representatives of organisations with The Payments Association membership.
Being a member of one of The Payments Association’s working groups comes with a host of benefits:
- You will get exclusive access to meetings with industry experts.
- The opportunity to build your network with the leading figures from across the payments industry.
- Invites to exclusive events from The Payments Association, like the Working Group AGM at the annual PAY360 conference.
- The opportunity to actively help deliver the Working Group outputs.
In addition, committee members will receive:
- An invitation to an annual in-person meeting and lunch.
- The opportunity to feature your headshot and company logo on selected outputs and our website.
- The opportunity to contribute and network in our monthly meetings.
All working group members are representatives of organisations with The Payments Association membership.
Strategy and approach
Our mission
“The Regulatory Working Group, by engaging with key regulatory bodies, pushes for a fairer and more transparent regulatory landscape for payments companies. The working group provides a helpful and open forum for members of The Payments Association to swap and share insight, as well as an opportunity to contribute to industry consultations and thought-leadership activities to help resolve the regulatory concerns of The Payments Association community.”
Alison Donnelly, Director at fscom, Working Group Lead
Team members
Alison Donnelly
Fscom
Regulator Working Group Lead; Director
Brett Carr
Latham Watkins
Associate
Conrad Chaves
Tide
Head of Compliance & Conduct Risk
Dennis Cheng
Gladius Assurance
Partner
Elkhan Nasibov
Guavapay
Director
Hüseyin Mert
Monopayments/Tapsilat
Co-founder & CEO
James Borley
Compliancy Services
Client Director
Kevin Flood
FIS Global
Director, FIS payments ecosystem strategy, corporate and international banking
Lorraine Mouat
Thistle Initiatives
Head of Payment Services
Mark Simpson
Baker McKenzie
Director, Regulatory
Matt Jones
Burges Salmon
Director
Matt Lucas
Bank of London
Compliance - Conduct & Regulatory Affairs Director
Max Savoie
Sidley Austin
Partner
Nilixa Devlukia
The Payments Association
Ambassador
Olivia Murphy
Linklaters
Managing Associate
Omar Salem
Fox Williams
Financial Regulation and Fintech Partner
Rebecca Hickman
Addleshaw Goddard
Partner
Robert Courtneidge
The Payments Association
Adviser
Rose Prasad
StoneX
Advisory Compliance (EMEA)
Teresa Connors
Payment Matters
Client Director
Yalini Pathy
Alixpartners
Director
Members involved
Outputs
Our latest report “Get Ready for the FCA’s Consumer Duty Rules: What You Need to Know” includes a conversation between Alison Donnelly, Director, fscom and Gaurav Gaur, Head of Commercial Payments Products, NatWest.
Here two leading forces in finance have come together to guide the industry to achieving that outcome. Together, Donnelly and Gaur outline the full face of the Consumer Duty, including invaluable insights into how firms can champion customer needs, offer fair value, and ultimately, abide by the FCA’s latest standards for consumer protection.
As noted in their letter earlier this year, good safeguarding practice in payment and e-money institutions continues to be a source of concern for the FCA. The legislation is not new, but variation in interpretation of not only the initial the requirements but what actions to take when an issue arises is a risk to both the industry and to customers.
Webinar: The practicalities of safeguarding
November 2023
The UK Payments Regulation Review report outlines the key conclusions of our work to assess the impacts of regulation, and identifies the key opportunities that regulators, working alongside the market, have to develop and enhance the UK regulatory regime for payments.
In this episode of Insights Podcast, host George Iddenden engages in a thought-provoking conversation with Akbar Hussain, co-founder and general counsel of TerraPay. They delve into the intricate challenges and opportunities in the payment sector, focusing on navigating complex regulations and fostering financial inclusion.
November 2024
October 2024
The Financial Conduct Authority (FCA) intends to improve the complaints reporting process for financial firms. The changes will enhance consumer protection, regulatory compliance, and operational efficiency for financial firms.
The FCA will engage with industry stakeholders throughout 2024, test proposed changes, and potentially implement more frequent and granular reporting to better address issues.
Recent related articles
Get in touch
Interested in joining our Regulatory Working Group?
Please fill out the form to indicate your interest in receiving more information about The Payments Association’s Regulatory Working Group. A member of our Project Team will be in touch with you shortly.
