Financial Services

Cash transactions are on the decline and plastic, e-payments and mobile wallets are changing the face of payment processing. You need to be on top of the changing landscape, understanding and responding to the issues as they develop and positioning your business at the cutting edge of the new world of payments. We can help you with this.

We advise the following sectors on regulatory developments in the UK, Ireland and Europe:

  • Authorised payment institutions, e-money institutions and Investment firms

This includes:

  • Drafting bespoke terms and conditions

  • Providing perimeter guidance on the scope of the FSMA 2000

  • Payment Services Regulations and the Electronic Money Regulations and the Central Bank Act 1997 (Republic of Ireland legislation)

  • Communicating, on behalf of clients, with the Financial Conduct Authority and the Central Bank of Ireland to establish whether an activity falls within the scope of the relevant legislation.

We also act in  making claims to the Financial Services Compensation Scheme for a variety of individuals and companies when they have received unsuitable financial advice from their financial advisors to invest in unsuitable products, for example unregulated "Collective Investment Schemes".

We also have experience in:

  • Drafting and reviewing agency agreements between authorised payment institutions and their agents;

  • Advising authorised payment institutions on the effect of the Foreign Account Tax Compliance Act (FATCA) and amending their terms and conditions so that they obtain the information required to report to HMRC; 
  • Training to legal teams and commercial teams on key payment services issues;
  • Co-branded deals, joint ventures and strategic alliances covering the provision of credit card, prepaid card products, store cards and point of sale finance;
  • Business process outsourcing including claims management, back office and administration services, and data management/data security issues;
  • Advising on safeguarding arrangements under the Payment Services Regulations 2009.

Contact

Chris Ross