This is the new MLex platform. Existing customers should continue to use the existing MLex platform until migrated.
For any queries, please contact Customer Services or your Account Manager. Dismiss

UK payment companies must safeguard customer money or face action, FCA official says

By Fiona Maxwell ( October 8, 2019, 13:20 GMT | Insight) -- Nonbank payment-service providers must comply with requirements to keep client money separate from their own working accounts or face enforcement action, a senior official at the UK's financial regulator said today. Providers of e-money or payment services, such as PayPal, TransferWise and WorldPay are legally obliged to keep customer funds separate in case of failure.The Financial Conduct Authority's Maha el Dimachki stressed that a delay to new payments authentication rules wouldn't be extended, and companies should make compliance an urgent priority.Nonbank payment-service providers must comply with UK requirements to segregate client money or face enforcement action, a senior Financial Conduct Authority official said today....

Prepare for tomorrow’s regulatory change, today

MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.


Know what others in the room don’t, with features including:

  • Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
  • Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
  • Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
  • Curated case files bringing together news, analysis and source documents in a single timeline

Experience MLex today with a 14-day free trial.

Start Free Trial

Already a subscriber? Click here to login

Related Sections