FCA’s PS25/12 strengthens safeguarding rules for payments and e-money firms, enhancing consumer protection with stronger compliance, record-keeping, and a trust-based fund regime – effective 7 May 26

The policy introduces a two-stage approach: Supplementary Regime (Interim Rules): Effective from May 7, 2026, this stage enhances compliance with existing safeguarding requirements, improves record-keeping, and strengthens reporting and monitoring to identify shortfalls in client funds. Post-Repeal Regime (End-State Rules): Subject to legislative changes, this regime will replace the current…