 The group took part in a regulatory working group set up in response to UK government consultation on the implementation of the E-Money Directive.The group was then formalized into the EMA and its remit extended to issues of general interest to industry.The Financial Services Authority (now superseded by Financial Conduct Authority) proposed that the association develop a voluntary code of best practice for industry, addressing operational and non-operational risks and creating a minimum standard that could be adopted by issuers, irrespective of technology or market proposition.