UK Regulator Issues 166 Notice to Payments Provider
UK Regulator Issues 166 Notice to Payments Provider
🔍 Regulator's secret weapon revealed
The UK Financial Services Regulator has taken action against an unnamed payments provider by issuing a Section 166 notice in late 2023. This regulatory measure, also known as a Skilled Person Review, indicates potential concerns about the company's operations or compliance.
Key points:
- Section 166 notice issued late last year
- Target: Unspecified payments provider
- Issuer: UK Financial Services Regulator
A Section 166 notice typically requires the company to: 1. Undergo an independent review 2. Address identified issues 3. Implement necessary changes
This development suggests increased scrutiny in the UK payments sector. Companies in this space should ensure robust compliance measures to avoid similar regulatory actions.
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