Here is the extraordinary letter issued by the Financial Conduct Authority on 16th March 2023 and addressed to the Chief Executives of nearly 300 non-bank Payment Service Providers.
These are Authorised eMoney Institutions, Authorised Payment Institutions, and some types of Open Banking providers.
It is a long list of failings, in safeguarding customers’ money, in internal governance and in combatting financial crime.
You can DOWNLOAD THE LETTER HERE.
It fully vindicates our Open Letter to The Payments Association of 2nd February 2023 that focused on three specific practices that open the door to financial crime.
You can DOWNLOAD OUR OPEN LETTER HERE.
The response received from The Payments Association was underwhelming to say the least, and was a ‘nothing to see here’.
We pointed out to them that there was one member of their Project Financial Crime which was a known and overt exponent of issuing Virtual IBANs.