Information on payments institutions and electronic money institutions being investigated by the FCA since January 2018- February 2023

1. How many investigations have been opened into Payment and Electronic Money Institutions since the FCA started regulating them; and
2. What compliance areas did the investigations relate to (e.g., safeguarding, financial promotions operational resilience etc.

We can confirm that for the relevant period: 

1. The FCA has opened 9 investigations into Payment and Electronic Money Institutions.
2. These investigations focused on the following:

• Investigation A: Safeguarding and misuse of payment accounts.
• Investigation B: Client assets and systems and controls.
• Investigation C: Anti-money laundering systems and controls.
• Investigation D: Anti-money laundering systems and controls.
• Investigation E: Anti-money laundering systems and controls; safeguarding.
• Investigation F: Anti-money laundering systems and controls.
• Investigation G: Anti-money laundering systems and controls.
• Investigation H: Safeguarding/reconciliations.
• Investigation I: Anti-money laundering systems and controls, and sanctions systems and control.