A Safeguarding Audit is a mandatory requirement for all E-Money Institutions and any Payments Institution that is required to arrange an audit of its annual accounts under the Companies Act 2006. We would recommend that all Payments Institutions conduct an annual audit of their safeguarding arrangements, as this provides the evidence of their internal controls and compliance.

We fully expect that the FCA will be undertaking rigorous and frequent supervisory checks to ensure firms are complying, especially as the FCA have identified payments as one of their top priority areas in its 2020/21 business plan.

HOW DOES IT WORK?
Workshop
Project Initiation Workshop 

Review of Policies

Review of policies, procedures and records 

Review of Reconciliation

Review of reconciliation records 

Interviews

Staff interviews 

Following the audit, you will receive a detailed Safeguarding Audit Report which will contain our opinion on whether the firm has met the FCA’s expectations as at the audit period end date, outline our findings, and provide recommendations for action to address any shortcomings identified. 

WHY CHOOSE COMPLIANCY SERVICES?
  • An award-winning dedicated Payment Services team that know the regulatory landscape inside out
  • Having provided services to 1 in 5 of all authorised payment and e-money institutions, we are one of the leading compliance consultancies
  • A team with unrivalled experience and knowledge which includes two ex-FCA payment services regulators, James Borley and John Burns

Download brochure     Contact us to discuss a safeguarding audit  

ONGOING SUPPORT SERVICES

Minimising your time and resources, reducing the regulatory burden

We offer three different retainer service options to help Payment Institutions meet the Payment Services Regulations and associated regulatory obligations. Expert consultant led services interpreting the regulations and providing practical, usable advice and solutions that work for your business and the regulator. 

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