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⍰ ASK What is the role of the FCA in regulating electronic banking in the UK?

In the UK the FCA is like the boss overseeing electronic banking. They make sure banks follow the rules to keep things fair and clear for everyone.

The FCA focus on things like making sure your info is safe from cyber-as well as that the online banking systems work well.

The FCA also watches over something called Open Banking, which lets you share your money info with other trusted companies to encourage new ideas and competition.

The FCA checks if banks follow the rules, investigates if they do something wrong, and gives penalties when needed to make sure online banking in the UK is safe and fair.
 

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