The FCA has published a portfolio letter setting out its priorities for payments firms. The FCA raised concerns that many payments firms do not have sufficiently robust controls, and it considers this an increased risk of harm to consumers and the integrity of the financial system. The letter sets out three outcomes for payments firms to action where applicable:
- ensure their customers’ money is safe;
- ensure their firm does not compromise financial system integrity; and
- meet their customers’ needs, including through high quality products and services, competition and innovation, and robust implementation of the FCA Consumer Duty.