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Clifford Chance

Clifford Chance
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FCA proposals for revisions to the safeguarding regime for payments firms

7 October 2024

The Financial Conduct Authority (FCA) is consulting in CP24/20 on a package of near- and long-term changes to the safeguarding regime for UK payments institutions, e-money institutions and credit unions that issue e-money. The consultation closes on 17 December 2024. The FCA's planned changes aim to ensure greater protection of customer funds and their quicker return if firms fail. The FCA will introduce significantly stronger compliance obligations for payments firms, culminating in a new safeguarding regime based on the CASS model.

In this briefing we outline the proposals and give our thoughts on some of the potential impacts.

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