{"id":5637,"date":"2020-07-09T19:21:49","date_gmt":"2020-07-09T19:21:49","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=5637"},"modified":"2020-09-03T10:53:06","modified_gmt":"2020-09-03T10:53:06","slug":"fca-ends-light-touch-e-money-regulation","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/07\/09\/fca-ends-light-touch-e-money-regulation\/","title":{"rendered":"FCA ends light-touch e-money regulation"},"content":{"rendered":"

The UK\u2019s Financial Conduct Authority (FCA) has signalled an end to the light-touch regulation of payment and electronic money (e-money) firms, which have been at the forefront of the UK\u2019s financial technology (fintech) boom<\/a>.<\/p>\n

Earlier today, the FCA tightened its rules for the custody of client money at e-money and payments firms, less than two weeks after it froze the activities of a UK subsidiary of German fintech giant Wirecard<\/a>, citing concerns over the safety of customers\u2019 funds.<\/p>\n

Wirecard\u2019s parent company collapsed into insolvency on June 25 after the exposure of a \u20ac1.9bn corporate fraud.<\/p>\n

The FCA\u2019s freeze on Wirecard\u2019s UK operations caused over a dozen pre-paid card and digital wallet providers to suspend their services.<\/p>\n

This, in turn, led to millions of users of payment cards and apps around the world losing access to their savings<\/a>.<\/p>\n

Although the FCA subsequently reversed its Wirecard freeze<\/a>, the case has raised broader concerns about the safety of customer funds at e-money and payment firms<\/a>.<\/p>\n

E-money holders are not protected by government deposit insurance schemes and some industry experts suggest client money could be at risk if a payments or e-money firm became insolvent.<\/p>\n

However, in its new guidance<\/a> the FCA made no reference to Wirecard.<\/p>\n

It said it was introducing its new e-money safeguarding requirements as a follow-up to a May consultation<\/a> on the impact of Covid-19 on payment firms\u2019 business models.<\/p>\n

Under the new rules, the FCA said, e-money and payment firms will have to undertake a number of extra steps to ensure that customer funds are kept separate from those of the service provider.<\/p>\n

In particular, the FCA said, firms should be able to identify what relevant client funds the firm holds, \u2018at any time and without delay\u2019.<\/p>\n

\u201cIt is important that the asset pool is not improperly mixed\u201d<\/p><\/blockquote>\n

And payment firms\u2019 accounting records should enable a third party, such as an insolvency practitioner, to distinguish clients\u2019 funds from the firms\u2019 own money, and the funds of one customer from those of another, the FCA said.<\/p>\n

Payment firms should also obtain written assurance from the banks holding safeguarding client funds that those banks have no interest in or access to funds held in the customer account, the regulator said.<\/p>\n

In its new guidance, the FCA said extra care is also needed to ensure that customers can retrieve their funds without delay in the case of a payment firm\u2019s insolvency.<\/p>\n

\u201cIt is important that the asset pool from which to pay the claims of e-money holders or payment service users in priority to other creditors in the event of insolvency is not improperly mixed with funds, assets or proceeds received or held for different purposes,\u201d the FCA said.<\/p>\n

\u201cWe are now clarifying that this is because mixing these assets may cause delays in returning funds to e-money holders or payment service users following an insolvency event of the firm,\u201d the regulator said.<\/p>\n

The FCA is also warning payment and e-money firms not to make misleading statements about the extent to which customer funds are protected.<\/p>\n

\u201cExamples [of misleading statements] include firms implying that customer protections arising from safeguarding extend to a firm\u2019s non-regulated business, or implying that on the firm\u2019s insolvency, the customers\u2019 claims for repayment of their funds would be paid in priority to an insolvency practitioner\u2019s costs of distributing the safeguarded funds,\u201d the FCA said.<\/p>\n

\u201cPayment and e-money firms should also avoid suggesting to customers that the relevant funds they hold for them are protected by the Financial Services Compensation Scheme.\u201d<\/p>\n

In one recent payment services firm insolvency, customers of Supercapital, which\u00a0entered administration in October<\/a>, are still waiting to retrieve their money and\u00a0have already been told that they are likely to lose at least 10 percent of their funds<\/a> to cover the costs of administration.<\/p>\n

\u201cMany firms may be failing to meet the required standards\u201d<\/p><\/blockquote>\n

In a \u2018dear CEO\u2019 letter<\/a> published to accompany the new guidance and addressed to the heads of payment and e-money firms, the FCA warned it had found widespread breaches of the existing regulatory standards for safeguarding, risk management, financial crime, advertising, governance and record-keeping.<\/p>\n

\u201cWe have found that issues in these areas are widespread and many firms may be failing to meet the required standards. You are responsible for ensuring that the appropriate people at your firm understand the rules and ensure that your firm complies with them,\u201d the FCA said.<\/p>\n

Sign up here<\/a> for our monthly newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The UK\u2019s Financial Conduct Authority (FCA) has signalled an end to the light-touch regulation of payment and electronic money (e-money) firms, which have been at the forefront of the UK\u2019s […]<\/p>\n","protected":false},"author":3,"featured_media":5636,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1053,1014],"tags":[1799,1189,1343,1804,1785],"class_list":{"0":"post-5637","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured-1","8":"category-payment","9":"tag-e-money","10":"tag-fca","11":"tag-payments","12":"tag-safeguarding","13":"tag-wirecard"},"yoast_head":"\nFCA ends light-touch e-money regulation - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/07\/09\/fca-ends-light-touch-e-money-regulation\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FCA ends light-touch e-money regulation - 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