{"id":4139,"date":"2026-01-13T16:50:17","date_gmt":"2026-01-13T16:50:17","guid":{"rendered":"https:\/\/www.trusek.com\/home\/?p=4139"},"modified":"2026-01-23T14:50:30","modified_gmt":"2026-01-23T14:50:30","slug":"fca-safeguarding-regime-changes-effective-may-26","status":"publish","type":"post","link":"https:\/\/www.trusek.com\/home\/fca-safeguarding-regime-changes-effective-may-26\/","title":{"rendered":"FCA Safeguarding Regime Changes \u2013 Effective May \u201826"},"content":{"rendered":"\t\t
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From May 2026, the FCA\u2019s new safeguarding regime fundamentally changes how payment and electronic money firms are expected to protect customer funds. <\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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The introduction of\u00a0CASS<\/a>-style rules, enhanced reporting, mandatory audits, and resolution planning means safeguarding must now operate as a continuous, embedded discipline across finance, operations, risk, and technology.<\/span><\/p>

This post sets out the practical actions firms need to take to meet the new requirements and to move from safeguarding intent to demonstrable operational control.<\/span><\/p>

12 POINT ACTION LIST<\/b><\/span><\/p>

  1. Perform a Full Safeguarding Gap Analysis (CASS 15).<\/strong><\/span><\/li>
  2. Assign Clear Senior Accountability for Safeguarding<\/strong>.<\/span><\/li>
  3. Implement Robust Daily Reconciliation and Fund Controls<\/strong>.<\/span><\/li>
  4. Update Bank and Custodian Acknowledgement Letters<\/strong>.<\/span><\/li>
  5. Create and Maintain a Resolution Pack (CASS 10A).<\/strong><\/span><\/li>
  6. Commission Annual Safeguarding Audits (SUP 3A).<\/strong><\/span><\/li>
  7. Prepare for Monthly Safeguarding Regulatory Returns (SUP 16.14A)<\/strong><\/span><\/li>
  8. Review Insurance or Guarantee Safeguarding Arrangements<\/strong>.<\/span><\/li>
  9. Implement Controls for Unallocated or Unidentified Funds<\/strong>.\u00a0<\/span><\/li>
  10. Update Training, Policies, and Internal Documentation<\/strong>.<\/span><\/li>
  11. Confirm Scope, Applicability, and Transitional Position<\/strong>.<\/span><\/li>
  12. Build a Single Safeguarding Implementation Framework<\/strong>.<\/span><\/li><\/ol>

    ACTIONS<\/span><\/strong><\/span><\/p>

    1. Perform a Full Safeguarding Gap Analysis (CASS 15)<\/span><\/strong><\/span><\/p>

    Why this matters<\/strong><\/span>
    CASS 15 introduces a CASS-style operational framework<\/strong> for safeguarding, setting explicit expectations around segregation, reconciliation, records, and controls. While statutory duties under the PSRs and EMRs remain, firms are now supervised primarily against Handbook standards.<\/p>

    Regulatory references<\/strong><\/span><\/p>

    \u00a0<\/strong>What firms must do<\/strong><\/span>
    Download the FCA\u2019s updated \u201c<\/em>    Our Approach to Payment Services and Electronic Money<\/em><\/a>\u201d<\/em> (May 2026 draft) and conduct a structured, line-by-line gap analysis of existing safeguarding arrangements against CASS 15<\/strong>.<\/p>