On 25 September 2024, the Financial Conduct Authority (FCA) announced a consultation on the rules and guidance that payments and e-money firms must follow to safeguard customer funds (CP24/20: Changes to the safeguarding regime for payments and e-money firms). The FCA said it was consulting to address what it sees as weaknesses in the current approach to safeguarding customers' money.

The consultation proposes a staged approach to changing the rules around safeguarding with an interim state, which will improve compliance with the existing safeguarding requirements, and an end state where relevant funds and assets will be held on trust and with a "CASS" style regime.

In a series of articles, we will look at what changes the proposals will bring in both the interim and end states, and also talk about what this means for you if the rules are implemented as consulted upon.

Showing 1 - 4 of Total Results (4)

Holding funds under a statutory trust

December 19, 2024

United Kingdom: In this fourth, and final, article in our series about the FCA's consultation on changes to the safeguarding regime for payments and e-money firms, we look at the FCA's proposals to impose a statutory trust over relevant funds. 

Enhanced monitoring and reporting

December 10, 2024

United Kingdom: In this third article in our series about the FCA's consultation on changes to the safeguarding regime for payments and e-money firms, we look at the FCA's proposals to require safeguarding audits for most firms and enhanced reporting.

Strengthening elements of safeguarding practices

December 4, 2024

United Kingdom: In this second article in our series about the FCA’s consultation on changes to the safeguarding regime for payments and e-money firms, we look at the FCA’s proposals to strengthen elements of safeguarding practices.

Changes to the safeguarding regime for payments and e-money firms

November 29, 2024

United Kingdom: On 25 September 2024, the Financial Conduct Authority (FCA) announced a consultation on the rules and guidance that payments and e-money firms must follow to safeguard customer funds (CP24/20: Changes to the safeguarding regime for payments and e-money firms). The FCA said it was consulting to address what it sees as weaknesses in the current approach to safeguarding customers' money.