Many new UK financial products lack consumer protections – FCA
E-money services are not covered by financial services compensation scheme, UK regulator says
The UK’s Financial Conduct Authority says it is concerned with the level of consumer protection new payment firms are offering their customers.
In a statement on February 18, the FCA said a number of payment firms had been able to enter the market and “grow quickly” as a result of changes to the regulatory framework.
Some of their products do not offer protection for consumers. “For example e-money services advertised as ‘current accounts’ aren’t covered by the Financial Services Compensation
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Fintech
Basel Committee examines financial system in digital flux
Supervisory authorities outline fintech risks in first report since 2018
Central banks prepare for the rise of AI
AI will not replace accountability in monetary policy decision-making, MAS chief says
Binance founder sentenced to four months in prison
Nigerian court adjourns separate money laundering case against the crypto exchange
BoJ considers allowing external access to CBDC data
Digital yen API sandbox launched in April
US requests three-year prison sentence for Binance founder
World’s largest crypto exchange agreed to pay $4.3 billion for violating money laundering laws
Bundesbank partners with MIT on digital euro privacy
EU previously raised concerns about single access point to verify holding limits
Carstens advances vision for future tokenised financial system
‘Finternet’ proposal envisages payments across linked unified ledgers
CBDCs could increase financial instability, Fed paper says
Central banks should consider price and quantity tools to mitigate risks, researchers say
Most read
- Trends in reserve management 2024: survey results
- People: RBI appoints senior officials
- China to start selling ultra-long term sovereign bonds