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Questions and Answers
Which regulatory approach does the FCA adopt towards payment services and electronic money?
Which regulatory approach does the FCA adopt towards payment services and electronic money?
- Risk-based and proportionate (correct)
- One-size-fits-all
- Highly prescriptive without flexibility
- Non-existent
What is the primary objective of the FCA's guidance on payment services and electronic money?
What is the primary objective of the FCA's guidance on payment services and electronic money?
- To limit the availability of payment services
- To ensure consumer protection and promote competition in the interests of consumers (correct)
- To maximize profits for financial institutions
- To restrict the use of electronic money
What is the significance of the 'safeguarding' requirement for firms providing payment services?
What is the significance of the 'safeguarding' requirement for firms providing payment services?
- It ensures customer funds are protected in the event of insolvency or misappropriation (correct)
- It allows firms to freely use customer funds for their own investments
- It exempts firms from any financial responsibility
- It is an unnecessary burden on firms
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