Regulatory Compliance

Safeguarding

Safeguarding is now very much within the FCA’s regulatory focus. However, many of our clients feel there is a lack of clarity around what funds are relevant, when the obligation begins and ends and when reconciliation should happen. Due to this, we recently wrote to the FCA, along with the leading international law firm Fieldfisher, voicing our concerns on behalf of the industry.

What is Safeguarding?

All Authorised Payment Institutions (APIs), Authorised E-Money Institutions (EMIs) and small E-Money Institutions must safeguard client funds at the point of receipt. This is required to protect client funds in the event of the insolvency of the API or EMI.

 

How we can help

fscom is one of the leading compliance firms for the payments sector in the UK and Ireland. We work with PIs and EMIs every day and therefore understand the complexities of safeguarding.

 

Safeguarding services 

  • Review of your documented safeguarding policy and procedures and redrafting as necessary
  • Audit of arrangements, including testing of the implementation of the safeguarding procedures and reconciliation processes
  • Development and documentation of safeguarding procedures
  • Training on safeguarding for board members, senior management, operational staff and frontline staff
  • Training on safeguarding for board members, senior management, operational staff and frontline staff

 


Other Regulatory Compliance Services

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