UK regulator attacks ‘unacceptable’ risk posed by payments groups

Matthew Long, Director of Payments and Digital Assets at the Financial Conduct Authority (FCA), criticized payments companies for not adequately safeguarding clients’ money or conducting anti-money laundering checks and for failures of governance. Financial Conduct Authority warns 291 companies of ‘swift and assertive action’ in cases of non-compliance.
Since the UK introduced e-money licenses in 2000, an explosion of groups such as Revolut brought convenience to customers and plenty of innovative solutions that we have seen within the payments sector in the last years.
In this alert, you will read more about what risks payments groups pose, conclusions, and how Deloitte can help.