'Dear CEO' letter: Tell customers how e-money is protected

Write within six weeks

Sophie King
clock • 3 min read
The FCA said its expects firms to give customers enough information to enable them to take informed decisions about how their money is protected.
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The FCA said its expects firms to give customers enough information to enable them to take informed decisions about how their money is protected.

The Financial Conduct Authority (FCA) has asked firms to write to their customers ensuring they understand how their money, particularly electronic money, is protected.

In a 'Dear CEO' letter published on Tuesday (18 May), FCA head of department, payments supervision Paul Roe said: "We are concerned that many e-money firms compare their services to traditional bank accounts...

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