Safeguarding MI. #2 Reporting and MI. #2

From May 2026, the FCA will introduce a significantly strengthened safeguarding regime for UK payments and e-money firms, moving from principles-based guidance to a more prescriptive and enforceable framework. Set out in Policy Statement PS25/12, the reforms are designed to address longstanding weaknesses in safeguarding practices that have, in several high-profile insolvencies, resulted in delays and shortfalls in the return of customer funds.

At the heart of the new regime is a step change in reporting, management oversight and use of management information (MI), bringing safeguarding expectations closer to the FCA’s established Client Assets Sourcebook (CASS) regime. The rules coming into force in May 2026 form part of the FCA’s “Supplementary Regime”, strengthening existing requirements while a longer-term post-repeal framework continues to be considered.

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