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E-Money in the United Kingdom - A Case Study

Author

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  • Paola Crosetta

    (Financial Services Compensation Scheme)

Abstract

The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of authorised financial services firms. It is an integrated compensation scheme covering not only deposits but also investment and insurance provision and intermediation, debt management, pensions, and home finance. FSCS is a statutory body created under the Financial Services and Markets Act 2000 (FSMA). FSCS does not provide coverage for electronic money (e-money). There is consumer protection for e-money and payment services via regulatory rules, but they are related to safeguarding requirements for customer funds. Any decision to extend FSCS coverage would be as a result of a legislative change and/or changes to regulatory rules and would be subject to public consultation. As of December 2020, there are around 1200 e-money and payments services firms operating in the UK. The growing presence of these players in the UK market brings challenges and opportunities for both consumers, who are increasingly dealing with these products, and regulators, as questions arise on how to best protect consumers if these providers, or the underlying institution holding the safeguarded funds, fail.

Suggested Citation

  • Paola Crosetta, 2021. "E-Money in the United Kingdom - A Case Study," IADI Fintech Briefs 4, International Association of Deposit Insurers.
    • Handle: RePEc:awl:finbri:4
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    File URL: https://www.iadi.org/en/assets/File/Papers/Fintech%20Briefs/IADI%20Fintech%20Brief%20-%20Emoney%20in%20the%20UK%20-%20final.pdf
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    Cited by:

    1. Carlos Colao & Roman Kahanek, 2022. "Beneficiary Accounts: Challenges for Deposit Insurance Schemes," IADI Fintech Briefs 7, International Association of Deposit Insurers.

    More about this item

    Keywords

    deposit insurance; bank resolution;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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