Payment services providers (PSPs), including payments institutions (PIs) and e-money institutions (EMIs) continue to develop quickly. In addition to their payments services approach document, the FCA closed a short consultation in June as to whether they should provide further guidance on safeguarding, managing prudential risk and wind-down plans. This was as a result of findings that some firms have not implemented the Electronic Money Regulations 2011 or Payment Services Regulations 2017 in line with their expectations.
This infographic summarises the FCA’s findings and suggests a number of ways in which PSPs can respond to them. This will help firms to prevent harm to their customers during their operations, and also if they were to fail.
To view the infographic, click "Download" below.