What does the regulatory landscape look like for payment and e-money institutions in the UK in 2024?
In short, the regulator has imposed a significant amount of requirements on firms, and more are expected in the coming years. The regulations cover areas ranging from safeguarding to strong customer authentication, and from consumer protection to contingent reimbursement.
This report brings together insights from an event where eight experts from fscom, Fintech, banking and the regulator spoke on the key regulatory trends shaping the industry last month. The fscom conference in London was attended by over 250 representatives from the payments and e-money sector.
The fscom report aims to guide companies on where to focus their efforts over the coming year to keep their compliance process ahead of the evolving regulatory landscape. It sets out the regulator’s three key strategic priorities which are expected to guide its interventions in 2024 and beyond. They are:
- Reducing and preventing serious harm
- Setting and testing higher standards
- Promoting competition and positive change
This report identifies the issues payment and e-money institutions should consider to address each priority in turn. It reflects back on recent developments and seeks to interpret the future direction of the regulator. While this insight will be most useful to assist payment and e-money firms in the UK with their planning, it also has relevance for the wider financial services sector.
You can download the report for free here:
Feel free to reach out and speak to any of our experts about how we can help your business prepare for the coming regulatory changes. Contact us here.
This post contains a general summary of advice and is not a complete or definitive statement of the law. Specific advice should be obtained where appropriate.
