UK: FCA Issues Safeguarding Arrangements for Non-Bank Payment Service Providers

On July 4, 2019, the Financial Conduct Authority (FCA) published an announcement on the safeguarding arrangements of non-bank payment service providers. The FCA states that under the Electronic Money Regulations 2011 (EMRs) and the Payment Services Regulations 2017 (PSRs) it is essential that all firms have appropriate arrangements for safeguarding customer funds. 

Following a review of 11 non-bank payment service providers (PSPs) to assess their compliance with the requirements for safeguarding service users’ funds under the PSRs and EMRs, the FCA identified the key findings related to:

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