UK FCA CEO: Cryptocurrency Losers Shouldn't Pay.

The Financial Services Authority (FCA) is an independent financial institution regulated by the UK government. The FCA oversees financial services companies which primarily serve consumers and strive to ensure the integrity of the UK financial system. FCA's joint ventures include the Financial Services Commission and the Financial Services Commission, which set financial and tax regulations for the UK economy in excess of £ 65.6 billion annually.

FCA Chief Nikhil Rathi said: Not all cryptocurrency-related investments should be rewarded and we believe consumers should be aware of this before investing.

payment plan

According to the Cointelegraph, the payment plans that Lati discussed at the conference, or FCA's Financial Services Compensation Scheme (FSCS), are needed for financial companies to apply when they are unable to meet. to the demands of consumers' incomes. during bankruptcy, illegal or by default.

This means that FCA rules in negotiations will prevent the UK government from paying investors who are victims of cryptocurrency fraud. The FCA further stated that these targets and investments are unregulated or in the gray area of ​​legal activity.

Speaking about the framework, Rathi said during the hearing that he believes the cryptocurrency services we are seeing are effective and useful, such as fighting financial corruption, but there are also concerns about new developments. in some areas.

"I don't think some of these crypto assets are profitable. They are part of the business that leads to crime and financial transactions. Anyone who invests in these products should be prepared to lose their heart at any time."

The FSCS reached £ 717million this year.

According to FCA news reported on the 6th, total FSCS revenues have grown over the past 10 years, and revenues have grown from £ 277million in 2011-2012 to £ 717million in 2021-2022.

One of the reasons for the resurgence of the payroll in recent years has been the loss of money from many pension-friendly companies, financial advisers and senior executives.

The FCA also said it is committed to reducing the size of its payment plans over time, in order to achieve these benefits, management first improved the behavior of companies that reduce the incidence of disruption. damage to resolve the root cause. additional liability. The FCA has also streamlined corporate financial services so they can better serve losers in the face of these challenges.

Sheldon Mills, head of consumer and competition at FCA, also said she hopes consumers can trust the UK financial services industry and be able to boost their business. Consumers should have the necessary protection in the event of a problem. As AFC, we also need to find fair and cost-effective ways to financially protect the right consumers.