On 18 May, the FCA sent a "Dear CEO" letter to (unnamed) e-money firms expressing concern that "many e-money firms compare their services to traditional bank accounts or hold themselves out as an alternative in their financial promotions," and asking (not "asking" - telling) them to communicate to their customers exactly what their risks and protections will be.

For those of us who have lived through the dot com boom and bust and seen the rise of "disruptions" in the financial services sector (including but not limited to decentralised finance, cryptocurrencies, crypto-derivatives), this appears to be a natural progression: from "revolution" to "evolution", which (I am afraid) more often than not means the disruptors becoming part of the establishment. 

All would be wise to remember that the FCA's "perimiter" has no gaps for "disruptive" entrants: one is either within the perimiter or outside it.