Day

May 27, 2021

27 May 2021

FCA Letter to E-Money Institutions: Why All UK Payment Service Providers Should Review Their Marketing Practices Now

On May 18, 2021, the UK Financial Conduct Authority (FCA) published a “Dear CEO” letter (the Letter) asking e-money institutions to ensure that their customers understand how their money is protected. The FCA has expressed concern that e-money institutions do not adequately disclose the differences in protections between e-money and bank accounts and that customers are not aware of the differences in protections between e-money services and traditional banking services, in particular that the UK Financial Services Compensation Scheme (FSCS) protection does not apply to e-money accounts.

(more…)

EmailShare
XSLT Plugin by BMI Calculator