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UK payment, e-money firms get customer-protection rules from FCA

( July 9, 2020, 11:05 GMT | Official Statement) -- MLex Summary: UK payment and e-money institutions have received final rules from the Financial Conduct Authority on safeguarding customer funds, particularly in the wake of Covid-19. The finalized guidance is accompanied by a letter to the chief executives of such companies, instructing them to review their safeguarding arrangements following additional guidance from the FCA, and to be aware of the financial-crime risks inherent in their businesses. The authority said it plans to undertake targeted assessments of companies, and that it will take action against firms that fall short of its expectations.The letter, guidance and feedback statement are attached....

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