FCA consults on proposals to make safeguarding rules stronger and clearer for payment and e-money firms

Firms have until December 17, 2024, to provide feedback on these proposals. The FCA proposes a new framework where funds and assets are held in trust for consumers, similar to the client assets (CASS) regime, to minimize risks associated with the current safeguarding practices. The changes are designed to make safeguarding practices clearer and more robust…