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FCA: Address Risks or Face Sanctions

 

The Financial Conduct Authority (FCA) has warned 291 payment companies to promptly address consumer and financial system risks or risk shutdown. In a letter, FCA's Matthew Long expressed concerns about insufficient controls, inadequate safeguarding of customer funds, and poor liquidity risk management. Firms failing to meet FCA standards will face removal or sanctions.

 

To learn how we can help your companies navigate regulatory requirements and mitigate potential risks, contact us for a consultation.

 

To find out more: https://www.finextra.com/newsarticle/41983/fca-takes-aim-at-payment-firms-over-unacceptable-risks?utm_medium=newsflash&utm_source=2023-3-16&member=154168