CUK respond to FCA public consultation 12 June 2020 – “Coronavirus and safeguarding customers’ funds: proposed guidance for payment firms
CUK welcome and support the efforts of the FCA in ensuring added levels of protection for UK customers, especially during this period (Covid19) where certain members of the public may be more vulnerable to nefarious acts, such as scams for example.
The purpose of the consultation is for payment firms to tighten up on their internal controls in the following 3 areas.
2. Prudential risk management
3. Wind down plans