Decoding the FCA’s Safeguarding reforms: Practical steps for payments and E-money firms
The Payments Association
JANUARY 13, 2025
Central to these changes are new statutory trust requirements, more prescriptive record-keeping, reconciliation standards, and the mandate for external safeguarding audits. Firms operating in multiple currencies or across differing time zones may face trouble in ensuring funds are instantly deposited into safeguarding accounts.
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