In the last decade the traditional payment landscape has changed immeasurably, offering consumers more choice and flexibility to make payments for goods and services than ever before. With online and mobile payment services now commonplace, the onus is on payment service providers to mitigate the security risks and protect the rights and interests of their users.
At Richdale Consultants, we work with payment service providers across the UK to impart our knowledge of the regulatory requirements that affect the payment services industry.
Our experienced compliance officers and account managers can offer a bespoke compliance solution to all types of payment services providers, including:
- Authorised Payment Institutions (API)
- Small Payment Institutions (SPI)
- Electronic Money Authorisations
- Payment Initiation Services Providers (PISP)
- Account Information Service Providers (AISP)
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Typical compliance tasks for our payment services clients
- FCA applications
To become an FCA-regulated payment service provider, you must submit an application containing the necessary documentation and information about your business. Our consultants can work with you to prepare your FCA application, incorporating regulatory business plans, internal and external compliance policies and your procedures to mitigate ongoing security risks.
- GABRIEL submissions
All Payment Institutions are required to file at least annual reports via GABRIEL, the FCA’s online regulatory reporting system. We can assist you with your regulatory returns via GABRIEL to avoid unwanted financial penalties for missing reporting deadlines.
- Periodic compliance audits
Our payment service clients can benefit from periodic compliance audits based on general compliance issues or tailored to specific areas such as online security, customer complaints and internal training.