Regulatory AlertsCoronavirus and safeguarding customers’ funds: additional guidance for payment and e-money firms
The Financial Conduct Authority issued this finalised guidance to strengthen prudential risk management and safeguarding arrangements for payment and e-money firms during the economic stress caused by the Covid-19 pandemic. The regulator identified evidence of non-compliance with existing regulations and clarified methods for firms to adhere to rules, aiming to prevent potential harm to customers in the event of insolvency. This temporary guidance applies to authorised payment institutions, e-money institutions, credit institutions, and custodians, with a full consultation on permanent changes planned for later in 2020 or 2021.
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