The UK's Financial Conduct Authority has warned e-money and payments firms that they will need to undertake "a significant shift in culture and behaviour" to comply with the new Consumer Duty rules. In a "Dear CEO" letter addressed to e-money and payment institutions, the FCA sets out its expectations on how payments firms should embed the duty and the FCA's approach to supervising the Duty. The letter comes just weeks after the FCA warned that some firms are behind in their thinking and planning for the new regime.
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