Many new UK financial products lack consumer protections – FCA


The UK’s Financial Conduct Authority says it is concerned with the level of consumer protection new payment firms are offering their customers.

In a statement on February 18, the FCA said a number of payment firms had been able to enter the market and “grow quickly” as a result of changes to the regulatory framework.

Some of their products do not offer protection for consumers. “For example e-money services advertised as ‘current accounts’ aren’t covered by the Financial Services Compensation

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