The UK’s financial watchdog, the Financial Conduct Authority (FCA), claims that many of the businesses that make up the UK’s developing payments ecosystem lack adequate controls, and constitute an “unacceptable risk” to clients, and the integrity of the financial system writ large. In a letter addressed to the CEOs of institutions in digital banking and payments, the FCA stated there are “serious difficulties” with anti-crime procedures as well as unacceptably “elevated fraud rates” in certain sectors. The regulator intends to take “more robust action sooner” against troublesome enterprises.
UK Payment Firms Lack Controls and Pose Unacceptable Risk, FCA Says
