Ep38: FCA’s Dear CEO Letter on 2023 Priorities For Payments Firms.
Update: 2023-03-20
Description
The Financial Conduct Authority (FCA) has issued a new “Dear CEO” letter to payment firms in the UK. The FCA “remain[s] concerned” that many payment firms do not have sufficiently robust controls and therefore “present an unacceptable risk of harm to their customers and to financial system integrity”. Key actions for payment firms
In the letter, the FCA highlighted the three key outcomes they have set for payments firms, which are:
Firms should ensure that their customers’ money is safe through safeguarding controls, prudential risk management and wind-down planning.
Firms need to ensure they are not compromising financial system integrity, covering areas such as money laundering and sanctions as well as fraud.
Ensuring customers’ needs are met through high quality products and services, in accordance with the requirements under the Consumer Duty.
In the letter, the FCA highlighted the three key outcomes they have set for payments firms, which are:
Firms should ensure that their customers’ money is safe through safeguarding controls, prudential risk management and wind-down planning.
Firms need to ensure they are not compromising financial system integrity, covering areas such as money laundering and sanctions as well as fraud.
Ensuring customers’ needs are met through high quality products and services, in accordance with the requirements under the Consumer Duty.
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