Safeguarding Client Money
Safeguarding Audit and Training
Safeguarding has been edging up the FCA’s regulatory focus for the past decade and payment and e-money institutions are now experiencing supervisory scrutiny like never before.
We are the leading payments compliance firm in the UK.
We work with payment and e-money institutions every day and therefore we understand that safeguarding is not without its complexity. Talk to us today and let us help simplify the journey for you.
Guide
What happens when a payment (or e-money institution) becomes insolvent?
Safeguarding is an area that raises many points of debate and contention within the industry.
Safeguarding customer funds
As a compliance professional in a payment or e-money institution, you want to ensure your customer funds are protected and make sure that, if you became insolvent, your customers’ payment instruction would be fulfilled or their funds returned to them.
We assist with queries such as what funds are relevant, when the obligation begins and ends and when reconciliation should happen.
Who does it apply to?
All authorised payment institutions (APIs), e-money institutions and small e-money institutions must safeguard client funds at the point of receipt. Small payment institutions may choose whether or not to safeguard but are encouraged to do so by the FCA.
How can we help?
You can benefit from our 10 years’ experience of assisting firms with their safeguarding arrangements. We provide a range of safeguarding services.
Safeguarding services
- Safeguarding audit
- Safeguarding policy and procedures
- Safeguarding training
Through ongoing contributions to the FCA and trade bodies, we have been instrumental in the development of the sector’s understanding of their safeguarding obligations.
Book your free consultation
Related services
Why choose fscom?
- More than 10 years’ experience in the conduction of safeguarding audits.
- Work with our senior colleagues who have a deep domain knowledge of auditing and advising on safeguarding.
- Open and engaging communication approach with all staff based on core values of mutual respect, courtesy, patience and flexibility.
On demand insights and resources
Webinar and Podcasts
From the Blog
A parent company seeking assurance of subsidiary's systems and controls
The parent company is a regulated financial services entity based outside of the UK with an authorised e-money institution in the UK. The subsidiary outsources some important functions to the parent company, including finance. The boards of the parent company and the subsidiary wanted an assessment of the subsidiary's (the EMI's) systems and controls in relation to regulatory compliance.
Solution and results
fscom's regulatory compliance specialist assessed the EMI's safeguarding arrangements, financial resources, latest regulatory returns and communication with clients.
It became clear that the requirements of the UK legislation and guidance were not well understood where the delivery was outsourced to the parent company function.
In addition to providing a detailed written compliance audit report with prioritised recommendations, fscom advised the boards of both entities on their regulatory obligations and next steps, which included reporting the breach to the FCA and developing and implementing a remediation plan.
Get started today
If you would like to discuss your safeguarding arrangements in full confidence with the leading experts in the UK, contact us today for a free initial consultation.
