COVID-19 – FCA draft guidance for payment firms on safeguarding customers’ funds

Regulatory Updates | 22/05/20

The Financial Conduct Authority (FCA) has published draft temporary guidance for consultation which aims to strengthen payment firms’ prudential risk management and arrangements for safeguarding customers’ funds in the current crisis. The FCA seeks feedback by 5 June 2020, after which it plans to publish a letter to the CEOs of payment service providers (PSPs) including the guidance as amended after consideration of the feedback.