Recently, the FCA announced that it had censured Sapia Partners LLP, who were responsible for protecting client money for the clients of its appointed representative firm, WealthTek Limited from 2017 to 2020.

The payment services sector continues to grow, supported by the government’s broader economic growth and innovation strategy. Ministers have been clear: payments, fintech and digital finance are central to the UK’s competitiveness — and reducing unnecessary regulatory burden is a strategic priority.

The FCA's new guidance states that ‘polluters’ need to meet, not avoid, the redress liabilities owed to consumers when things go wrong.