In this episode of the Atomic Impact Podcast, host Jason Osborn speaks with Lee Werrell, owner of UK Compliance Consultant Limited, also known as Compliance Doctor, about building a successful regulatory compliance consultancy in the financial services sector. Lee shares insights on the importance of relationships, dialogue over hard selling, and creating practical frameworks that help businesses navigate complex compliance requirements with speed and clarity. He also discusses lessons learned from decades in business and his goal of scaling Compliance Doctor into a seven-figure consultancy.With Jason Osborn - https://www.linkedin.com/in/jasonaosborn/

The main document, thoroughly examines the provisional agreement for the European Union’s Payment Services Regulation (PSR) and Third Payment Services Directive (PSD3). This regulatory shift introduces a "fraud liability revolution" by dramatically increasing the financial responsibility of Payment Service Providers (PSPs) for fraud losses, especially those resulting from impersonation scams.

Crucially, the agreement extends financial accountability beyond the financial sector by establishing a new liability chain for online platforms and electronic communications providers who fail to cooperate in fraud prevention. PSPs are consequently compelled to overhaul operations, including implementing mandatory Name-IBAN verification systems, offering human customer support, and strengthening open banking standards ahead of the formal adoption and implementation timeline.

The podcast outlines significant amendments and guidance concerning payment services and electronic money institutions within the UK, primarily focusing on strengthening consumer protection and market integrity. Key changes include a revised safeguarding regime for relevant funds, detailing how these funds must be held and protected, particularly in the event of a firm's failure, and introducing specific safeguarding audit requirements with a new exemption for smaller firms. Furthermore, the texts address capital requirements, operational risk management, and security measures like strong customer authentication, alongside clarifying reporting obligations and enforcement powers under the Payment Services Regulations 2017 and Electronic Money Regulations 2011. The podcast aims to provide clarity for businesses operating in this sector and enhance regulatory oversight, including the new Fit & Proper requirements.