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UK's FCA releases updated guidance for payments firms amid COVID-19

The U.K. Financial Conduct Authority issued renewed guidance on payments firms amid concerns that the COVID-19 pandemic has put additional pressure on many startups that depend heavily on investor support and may not be able to meet original performance targets.

"The guidance is part of a broader programme of work the FCA was planning to consult on later in the year, to set out its expectations for the payments sector," the agency said in a statement on its website Friday. "This has now been brought forward due to pressures the coronavirus pandemic is placing on firms’ finances."

The updated guidance comes at a time when a large number of payments firms, including remittance firms, digital payments processors, challenger banks and other firms have launched in recent years. As Mobile Payments Today reported earlier this month, the pandemic has caused the worst investment climate in years in the fintech sector.