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Webinar - The future safeguarding regime for payments and e-money firms

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Published Date

Oct 16 2024

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The FCA has published its long-awaited consultation on changes to the safeguarding regime for payment and e-money institutions. As expected, the FCA proposes to bring the safeguarding regime more closely in line with the FCA’s Client Assets Sourcebook (CASS), which many other financial institutions, such as brokers and custodians, must comply with when they hold client money and assets.

In this webinar, our financial services regulatory, payments and restructuring experts looked at some of the changes being proposed under the new rules, including the imposition of a statutory trust in favour of firms’ payment service users, new books and records requirements, and a prescribed settlement flow of funds directly into the firms’ safeguarding account. The changes may have a significant operational impact on firms, and affect the nature of their product offerings and contractual arrangements with customers. The FCA invites comments on its consultation by December 17 2024 and intends to publish ‘final interim rules’, designed to help firms transition to the new regime, by the middle of 2025.

Watch the webinar on The future safeguarding for payments and e-money firms.