FCA Warns Payment Firms On Safeguarding Customer Funds
Law360, London (July 5, 2019, 11:54 AM BST) -- The Financial Conduct Authority has instructed payment and e-money firms to review their systems and controls after finding "serious shortcomings" in how well they meet requirements for safeguarding service users’ funds.
In a written warning to authorized institutions, the FCA said some businesses could be breaching European Union rules by not putting in place adequate measures to protect consumer cash if they were to go bust.
Authorized payment and e-money institutions are not covered by the U.K.’s financial lifeboat — the Financial Services Compensation Scheme — so “there is a high potential for harm to consumers if a failing firm...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!