The UK's Financial Conduct Authority has issued its latest "Dear CEO" letter to all payments institutions, setting out its priorities and the actions firms should take. In the letter addressed to e-money and payment firms, the financial watchdog says that it welcomes the competition and innovation it has seen the payments sector, but is concerned that many payments firms "do not have sufficiently robust controls" and present "an unacceptable risk" both to their customers and financial market integrity. The FCA has cautioned that it in cases where firms cannot meet the conditions for authorisation, the regulator will "remove or sanction" firms who cannot or will not meet the FCA's expectations.

 Portfolio Letter: FCA priorities for payments firms

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