Payment Firm Seeks Legal Action Against FCA Over Marketplace Dispute

A UK payment provider has threatened legal proceedings against the Financial Conduct Authority (FCA), arguing the regulator is wrongly allowing e-commerce platforms to operate unlicensed.

London-based Transpact.com, which is authorised as a payments institution, issued a letter to the FCA on Tuesday accusing it of “failing in its legally mandated role” to fully enforce and supervise the Payment Services Regulations 2017.

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