If you're subject to the FCA's payments safeguarding
requirements, then time is running tight for you to make sure
you're compliant with some big changes taking effect in May.
Every affected firm will need to make changes, some significant,
and some which mean firms have to rely on others to play their part
in order to meet the implementation date. All of this means that if
your implementation plans are not already underway, you should
start urgently. Here's a brief reminder of what the changes
are.
Who do the changes affect?
All firms subject to the safeguarding provisions of the E-Money
or Payment Services Regulations. So that's all authorised and
small E-money institutions, and almost all authorised payment
institutions, as well as credit unions that issue e-money. Small
payment institutions can choose to opt into the regime.
