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...

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