The FCA has published a ‘Dear CEO’ letter to payment firms.
The letter sets forth the FCA’s priorities and expected outcomes for payment firms, including those authorised or registered under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011.
The letter highlights three outcomes which payment firms should focus on, namely:
- Ensuring that customers’ money is safe;
- Ensuring that firms do not compromise financial system integrity;
- Meeting customers’ needs, including through high quality products and services, competition and innovation, and robust implementation of the FCA Consumer Duty.
Relevant firms should read the letter to learn more about the FCA’s approach and expectations and integrate them into their own processes.