Safeguarding Failings Spark Criticism Over FCA Guidance

The UK financial regulator’s approach to supervising non-bank payment service providers (PSPs) has come under scrutiny following its finding that some were not properly safeguarding client funds.

The Financial Conduct Authority (FCA) has given firms until the end of July to conduct a rapid audit of their compliance with rules on ring-fencing customer funds held overnight, which must be held in a European Economic Area bank.

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