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In August 2025, the Financial Conduct Authority (FCA) published Policy Statement PS25/12, setting out changes to the safeguarding regime for payments and e-money firms. The new rules are a direct response to weaknesses identified in previous supervisory work, market exits and enforcement actions.

Safeguarding of customer funds has always been a cornerstone of the UK’s payments and e-money regime. It underpins consumer trust, ensures stability in the market and is central to the Financial Conduct Authority’s (FCA) view of what good looks like in financial services.

The FCA’s message is clear: safeguarding is not a box-ticking exercise – it is a fundamental responsibility of boards and senior management.

91����ԭ��’s Playbook is designed to break down the FCA’s new requirements into plain English to help compliance and risk leaders understand what has changed compared to the previous regime.

It provides practical implementation tools, such as checklists, board questions and a risk-weighted task matrix, and highlights the key risks and pitfalls firms must address to remain compliant and resilient.

Safeguarding is no longer a narrow compliance requirement, but a strategic issue that goes to the heart of customer trust and firm viability.

Read the full playbook .