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E-money companies should clarify lack of compensation protection, UK's FCA says

( May 18, 2021, 15:34 GMT | Official Statement) -- MLex Summary: E-money firms should write to customers to make it clear how their money is protected, the UK’s Financial Conduct Authority said in a letter to company chiefs today. The FCA said it was concerned that e-money institutions compare themselves to traditional banks, but don't make it clear that there are differences in how customers’ funds are protected. For example, the UK’s Financial Services Compensation Scheme does not apply.Letter attached....

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