Jeremy Baber

Wow, #Monzo is pioneering and innovating Fraud Management again, making sure our valnurable ones are more secured. Always stepping forward and bringing new approaches for #scamprevention and #fraudprevention

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A Brief Summary of a recent analysis we carried out on businesses in England and Wales with turnover of £15 million to £150 million with at least £1 million debtors with some surprising results. #invoicefinance #funding #creditcontrol

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Payment Systems Regulator Expanding VRP in the UK 🇬🇧 Payment Systems Regulator (PSR) sets next steps on expanding Variable Recurring Payments (VRP) in the UK 🇬🇧 based on Published response to call for views last December. The call for views set out initial proposals on how the PSR could support the Phase 1 expansion of VRPs to regulated financial services, regulated utilities sectors, and local & central government. Expanding VRPs enabled through #openbanking, VRP allow customers to safely setup recurring payments of varying amounts, i.e., household bills with greater visibility and control compared to existing payment methods. PSR’s publication summarises stakeholder feedback on key areas around VRP expansion including: ⭕️ Coordinating expansion through a multilateral agreement. ⭕️ Mandated Participation. ⭕️ Pricing principles and possible pricing intervention. * Published Response in the comments below 👇🏻 #fintech #vrp #payments Source: PSR.

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This update from the FCA about how to explain commissions to consumers should be a must read for lenders and brokers. The FCA references the Consumer Duty to illustrate its expectations in making sure communications are designed to engage consumers, including vulnerable consumers, and customer understanding can be assessed through appropriate testing.

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🚨 Big news for the payments and e-money sector 🚨 The FCA is shaking things up with new rules to better protect customers when firms go out of business! With the rise of digital payments, safeguarding practices have become a hot topic. Yet, many firms are still falling short, and without FSCS protection, customers could lose money if things go wrong. The FCA's new proposals aim to strengthen safeguarding, offering clearer rules and faster access to funds. For businesses, this means compliance just became even more critical. Need help navigating the changes? I can connect you with best-in-market compliance professionals to keep your business ahead of the curve. #ComplianceMatters #ComplianceRecruitment #Compliance #ComplianceNews #ComplianceJobs 

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Market brief - 24th April Sunak has made a commitment to increase defence spending to 2.5% of GDP by 2030. Labour has pledged a similar level of spending, but only when the country’s finances allow.  Bank of England Chief Economist, Huw Pill, thinks that a rate cut is still “some way off” as there is more risk from cutting too soon than from delaying until inflation is truly under control. JP Morgan CEO, Jamie Dimon, seems to have changed his opinion about the US economy. He said that it was booming and that consumer spending continued to be resilient, which is a big change from fearing a recession in the US.  PMI data was disappointing though. Manufacturing output fell to 49.9 and services fell to 50.9, renewing calls for a rate cut taking place in the summer. The #dollar lost ground in reaction to the data. The #dollarindex dropped to 105.60 and #Sterling rallied to 1.2460 against the dollar. #GBP kicked off around 1.2455 against #USD, 1.1635 against #EUR and #EURUSD was around 1.07 on the open #Finance #FxPlew #news

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The Recovery Loan Scheme is coming to an end in the UK - by the 30th June. So if you think you might need to get a loan, now (within the next week) really is the time. 🧑🏼‍🎓The gov backs 70% of the loan so that lenders give you a better rate: https://lnkd.in/eY6QhxvA 💡 Little known fact: I can help you find a good loan, easy-peasy 😊 #recoveryloanscheme #businessloans #virtualcfo #ceo #founder #recoverfrom2023

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The Bank of England reduced the base rate yesterday But what does it mean for you... Great news? It's good news. But it’s not quite the breaking news some headlines made it out to be. Here’s what you need to know: Who benefits most: Tracker and SVR (Standard Variable Rate) customers may see small reductions. Banks are more confident, but the impact isn’t instant for fixed-rate mortgages. Swap rates (the cost banks buy their money at) have risen, not fallen: Last month: 2-year was 4.067%, 5-year was 3.814% This month: 2-year is 4.253%, 5-year is 4.087% 8 lenders told me this week that their fixed rates are actually increasing. I’ve had clients reach out, but in all cases, the rate I secured for them is still the best available. If you’re wondering how this affects your mortgage or you just want to chat mortgages I mean who doesn't Then get in touch. Stay safe. "Your home may be repossessed if you do not keep up with mortgage repayments"

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Was going to post about this but Simon Taylor beat me to it with a much better articulation. Like their "are we calling you" feature, Monzo Bank leading with innovation here to tackle APP scams. Personally, I think this supports the Payment Systems Regulator stance on 50/50 liability reimbursement creating a big enough stick that the industry needs to tackle the issue. With these sort of features , we would expect to see the results flow through in the performance data reporting...Bravo! Big question will be how fast can/will others adopt these sort of tools and who will be left behind and become even attractive to fraudsters?

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https://lnkd.in/en6jrvkP with the FCA fine for starling Bank i have been thinking of ways that businesses that see growth in their future can ensure that they do not fall into the same trap. 1. Automate systems, but ensure that there is regular monitoring to ensure that - lists are correctly uploaded - the screening tool screens all client names 2. ensure that the systems are still suitable for increased troughput. As a business griows more clients are onboarded. If the system cant cope you need to change it. 3. think ahead - it is better to update or change the system before the growth in the business. This is better but difficult to do as the board may not want to spend the money before the revenue has increased, but hindsight shows us it is better to be prepared. 4. Continually test the systems via audit, infernal audit or QA testing. 5. If you ae under the VREQ ensure that when told to stop an action that this is done! Does anyone have any other thoughts?

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MVP "Launch-Alert” (date TBA Monday 27 May) Three metrics will guide our product roadmap and whether the "Open Finance Ecosystem" we are building for the Banks and their mortgage customers has a net positive impact on the cost of housing, and energy crises (Q-o-Q). 1) Number of Homes quantified (the financial health of our homes digitised); 2) Net reduction in the cost-to-own / run / maintain a home; and 3) Net reduction in the cost of energy bills. For the Banks, a static data approach to products and fragmented retrofitting channels will further fuel the cost of housing crises. It will lead to higher losses on the mortgage book / green loans / household total finance. An Open Data led ecosystem approach, would enable the Banks to shift from "provider of largest debt" to "Home as Experience" based value-add services. In the near-term, personalised one-click energy efficiency upgrades, to households across income levels and community types. #netzero #sustainblefinance #financialinclusion #Openbanking #OpenFinance Department for Business and Trade https://lnkd.in/e2JeJQpt

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⚠️ What Could RDR 2.0 Look Like? As we approach 12 years since the FCA implemented the Retail Distribution Review (RDR), it's intriguing to consider what a second iteration of RDR might entail. With significant changes like the introduction of the new Consumer Duty, the financial landscape is ever-evolving. 🤔 Here are some of my thoughts on what RDR 2.0 might look like: 1) Elevated Qualification Standards: The original RDR raised the bar by requiring advisers to achieve Level 4 (diploma) qualifications, up from Level 3 (certificate). RDR 2.0 might push this further, potentially mandating Level 6 (chartered) status. This would align financial advisers more closely with their peers in the legal profession, enhancing the industry's overall credibility. 2) Revised Adviser Charging Models: The ban on commissions was a cornerstone of the first RDR, paving the way for adviser charging. The next step could involve prohibiting percentage-based fees for ongoing services. Instead, adopting fixed fees or hourly rates, similar to the legal field, could be on the horizon. This shift would pose significant challenges, especially for large national firms. 3) Regulation and Firm Structure: Smaller firms often feel the weight of regulatory demands, and managing one-person directly authorised firms can be particularly challenging. RDR 2.0 might introduce a requirement for a minimum number of directors, perhaps two or three, to ensure redundancy and a broader skills base within firms. 4) Debt-to-Assets Ratio Limit: With rising interest rates and a spotlight on advisers charging fees only for delivered services, a cap on debt ratios could be sensible. This would ensure firms remain solvent and limit reliance on 'Goodwill,' which is not guaranteed. These are just a few thoughts on what RDR 2.0 might bring. What changes do you foresee in the next phase of financial regulation? #FinancialServices #RDR2 #FCA #ConsumerDuty #FinancialRegulation #IndustryThoughts #ProfessionalStandards

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https://lnkd.in/eVUf_fxg Hot off the press 🔥 The UK’s payments regulator (PSR) has confirmed a U-turn on the maximum amount banks and Fintechs will have to reimburse fraud victims under the new regime. After announcing a two-week consultation on 4 September, the PSR said today that firms will now have to refund victims of authorised push payment (APP) fraud up to a limit of £85,000 per claim from 7 October. This cap is down from £415,000, which triggered concerns from the industry and government that it could be unaffordable for smaller payment firms and encourage new types of scams. “This was a carefully balanced decision – which provides significant protection to fraud victims and strikes an appropriate balance having regard to the PSR’s innovation and competition objectives and making sure that payment systems work well for everyone,” the PSR said. #psr #regupdate #regaffairs #fintechs #banks #banking #payments #UK

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Current account customer satisfaction tables are often interesting! No major surprises here, as fintechs Monzo Bank, Starling Bank and Chase do well, as does Nationwide Building Society. With Virgin Money and The Co-operative Bank plc doing badly, I wonder how the takeovers by Nationwide and Coventry Building Societies will impact their performance?

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To be honest, I don’t care about the new cash access “rules” the Financial Conduct Authority is bringing in later today. No one who understands the question - WHAT DO THE BRITISH PUBLIC ACTUALLY WANT? - could possible believe that what the FCA has produced is the answer. The deliberately plodding progress would in itself be laughable, if the matter wasn’t so important to over 40 million adults in this country. Since the “Access to Cash” review slowly rolled into view more than six years ago, it has resembled a typical UK Public Inquiry. Started to quell rising public concern and anger, then conducted with grotesque procrastination, in the hope that cash would disappear before anything of substance had to be done. Hard luck, guys! That didn’t work! Nor do I care about the announcement the other week that the banks have agreed with someone in the new government that there will be 350 “Bank Hubs” by 2029. Cash Access UK can forget that figure right now. There will be 1200 “Bank Hubs” open by 2029 - at the latest - AND they will be fully equipped to meet the needs of the British public and businesses. Which means they will have 24/7 ATM services; cash deposit and recycling ATMs; and coin dispensers for businesses to access the change they need for till floats. The British public are shouting “DANCE!” AND the Payment Choice Alliance will be making sure the Financial Conduct Authority and Cash Access UK learn ALL the right steps. STRICTLY. Payment Choice Alliance

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Fair play to Monzo Bank 👏 Industry first security features rolling out in the coming weeks 🥷 New “known locations” feature will give customers the option to choose a location, like their home or workplace, that they need to be in when transferring money or withdrawing savings over a certain limit. Customers can also choose to invite a trusted friend or family member, who also has a Monzo account, to be notified before they send or withdraw money over a chosen limit. That person can then review whether they think the payment looks safe or is suspicious. A third new security feature whereby customers can choose to authenticate a payment by getting a “secret” QR code sent to a different device. They then have to scan the code through their Monzo app for the transaction to go through. It’s great to see Monzo trying to “outpace” the tactics of fraudsters by rolling out new in-app security tools. #FinTech #Banking

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