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FCA sets out customer protection requirements for PSPs and e-money issuers

Friday 10 July 2020 09:43 CET | News

In a “Dear CEO” letter the FCA has set out customer protection requirements for payment services companies including payments institutions (PIs) and e-money institutions (EMIs), to ensure that they are compliant with the regulatory obligations across six key areas.

The letter notes that, considering the issues presented by the coronavirus (Covid-19) pandemic, addressing any weaknesses in these key areas is an important priority. 

The guidance provides additional direction for companies to meet their safeguarding requirements and it outlines the FCA’s expectation of companies to put in place more robust plans for winding down, so that customer funds can be returned in a timely manner.

The six areas where companies should act to review and improve their compliance procedures to protect consumers are: safeguarding, prudential risk management, financial crime, financial promotions and consumer communications, governance and oversight, records management and reporting.

The FCA goes on to warn that “We will act swiftly and decisively if you fail to meet our expectations”.


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Keywords: FCA, Financial Conduct Authority, customer protection, Dear CEO, security, payments institutions, PIS, e-money institutions, EMIS, compliance, regulation, safeguarding, prudential risk management, financial crime, financial promotions, consumer communications, governance, oversight, records management, reporting
Categories: Banking & Fintech | Digital Identity, Security & Online Fraud
Countries: United Kingdom
This article is part of category

Banking & Fintech