Checklist: Coronavirus and safeguarding customers’ funds

  • Posted on: 23 July 2020
  • Written by: John Burns

On the 9 July 2020 the Financial Conduct Authority (FCA ) published additional guidance for payment and e-money institutions. This followed a consultation that involved more than 60 organisations including payment firms, trade associations, compliance consultancies and law firms.
The purpose is to strengthen firms’ prudential risk management and arrangements for safeguarding customers’ funds. Whilst these temporary measures have come about as a result of Covid-19, the new guidance is expected to be incorporated into the FCA ‘s approach document for payment and e-money institutions when they consult on further changes later during 2020/21.

Our Coronavirus and safeguarding customer funds checklist is designed to help payment and e-money institutions consider whether their current compliance policies, procedures, systems and processes meet the new guidelines. The FCA expects senior management to take “all reasonable steps” to ensure compliance. These are what we think are the reasonable steps you should be taking.

Download checklist