In a recent letter sent to the CEOs of payments firms, the UK Financial Conduct Authority (FCA) urged the leaders to strengthen governance, oversight, and leadership to address regulatory weaknesses.
The FCA acknowledged that the sector has made some progress on these issues, but stressed the need for further action. "High standards instil trust and confidence, which are essential for innovation, competition, growth, and the UK's international competitiveness," the FCA wrote. “We remain concerned that there are still risks of harm to consumers and financial system integrity.”
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