The Financial Conduct Authority has issued a consultation on its proposed further guidance to firms issuing electronic money and other payment services on how they should avoid their customers' funds being taken by creditors if the firm goes under. Comments are required by 5 June 2020, and the final guidance will be sent to firms' chief executives by the end of June.
The FCA asks four specific questions:
- ‘Do you agree that we should provide additional guidance on safeguarding, managing prudential risk, and wind-down plans? If not, please explain why.’
- ‘Do you agree with our proposed guidance on safeguarding? If not, please explain why.’
- ‘Do you agree with our proposed guidance on managing prudential risk? If not, please explain why.’
- ‘Do you agree with our proposed guidance on wind-down plans? If not, please explain why.’
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