With the vast majority of e-money and payment institutions successfully re-authorised, let’s take a look at how the FCA intends to monitor this growing population of firms.
Traditionally, e-money and payment institutions came under most scrutiny by the FCA at the application stage. The payments authorisation team would, and still does, review the application in detail but once through the authorisation gateway, the majority of payment and e-money institutions were not relationship managed, i.e. they do not have a named supervisor with whom they engage regularly.
Read more here.