Regulatory Alerts2024-09-19
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PS25/12: Changes to the safeguarding regime for payments and e-money firms
The FCA finalizes rules for the Supplementary Regime, requiring authorized payment institutions, authorized e-money institutions, small e-money institutions, and credit unions issuing e-money to perform daily safeguarding reconciliations and maintain resolution packs. Certain firms must arrange annual safeguarding audits, while a new threshold exempts firms holding under £100,000 in relevant funds from this requirement. All affected entities must submit a new monthly regulatory return to the FCA regarding their safeguarding arrangements. These rules come into force on 7 May 2026, with a nine-month implementation period.
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