FF News Logo
Wednesday, April 08, 2026
Consensus x FFNews

Breaking News

MPE 2026: Torus on Solving the $13 Billion Card Scheme Fee Problem Fire’s Strategy for the Future of Embedded Payments Gold IRA “Account Executive” Salesman Tactics Leaked NatWest Accelerator Announces New Commitments to Build an Inclusive Entrepreneurial Economy Revolut Locks in Paris Headquarters for Western Europe Mastercard and Krungthai Card Complete First Live Agentic Transaction in Thailand Finastra and Marketnode Transform Credit Agreement Onboarding Through AI Profile Software Strengthens Its UK Investment Management Offering With the Acquisition of Contemi Solutions Bestow Expands Leadership Team, Appoints Meagan Ward as Chief Marketing Officer Janus Assurance Re Launches Specialty Marine Cyber Insurance Program Origami Risk Announces New and Enhanced Platform Solutions to Drive AI-Powered Insights and Operational Efficiencies Merge Launches Named Euro IBANs to Power Scalable Fiat–Stablecoin Payment Infrastructure Cathay FHC Advances AI Adoption Across the Group With OpenAI Fintech Wales and AI Wales Launch Strategic Partnership to Strengthen AI and Fintech Ambitions Swift’s Blockchain-Based Shared Ledger Progresses to MVP Implementation
Proposed-New-Rules-to-Better-Protect-Customers-of-Payments-Firms

September 25 2024

Proposed New Rules to Better Protect Customers of Payments Firms

Share this post:

Share on LinkedIn Share on WhatsApp

Use of payments firms has grown in recent years, but the FCA says it continues to see poor safeguarding practices from firms.

Funds held by payments and e-money firms are not directly protected by the Financial Services Compensation Scheme (FSCS). Instead, firms must safeguard funds which can mean customers lose money or experience delays to funds being returned if the firm fails.

The FCA wrote to payments and e-money CEOs in March 2023 about their safeguarding and wind-down arrangements and has since opened supervisory cases relating to approximately 15% of firms that safeguard, to address its concerns.

Matthew Long, Director of Payments and Digital Assets, said:

‘We’re consulting on proposals to make safeguarding rules stronger and clearer for payment and e-money firms so customers get as much of their money back as quickly as possible if the firm goes out of business.’

Under the FCA’s proposals, the existing e-money safeguarding regime will be replaced with a client assets (CASS) style regime designed to work with payments firms’ business models. It will also publish strengthened interim safeguarding rules for firms by the middle of next year.

The FCA’s cost benefit analysis (CBA) of its proposals has also been subject to review by the new independent CBA Panel.

People In This Post

Matthew Long

Matthew Long

Financial Conduct Authority

Companies In This Post

FCA Financial Conduct Authority | FinTech Finance

Financial Conduct Authority
  1. MPE 2026: Torus on Solving the $13 Billion Card Scheme Fee Problem

    Event Videos 2026

     Read more
  2. Fire’s Strategy for the Future of Embedded Payments

    Fintech TV

     Read more
  3. Gold IRA “Account Executive” Salesman Tactics Leaked

    Thought Leadership

     Read more
  4. NatWest Accelerator Announces New Commitments to Build an Inclusive Entrepreneurial Economy

    Fintech

     Read more
  5. Revolut Locks in Paris Headquarters for Western Europe

    Fintech

     Read more
FinovateSpring | FFNews
More On