Tag: PFX

See! Banks and Payment processors are responsible for their client’s activities, the FCA says!

Compliance tamir - February 28, 2022

The UK FCA has fined Barclays Bank £783,800 for oversight failings in its relationship with collapsed FCA-regulated payments institution Premier FX. Barclays was Premier FX's sole bank in the UK. In February 2021, the FCA publicly censured Premier FX (in liquidation) for breaching PSR. The FCA found that Premier FX had seriously misled customers by misrepresenting the services it was authorized to provide and how it held customers' money. Moreover, it allegedly facilitated fraud and scam ventures.

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