A stitch in time...

The FCA finally published its much anticipated CP24/20 consultation paper on changes to the Safeguarding Regime – “Changes to the safeguarding regime for payments and e-money firms”. Click here to read the full consultation.  With the potential introduction of a new chapter to the client asset handbook (CASS 15) and a clear intention to align these rules to CASS 7 (client money);  CASS 10 (CASS Resolution Pack) and the introduction of statutory trust status for monies held in safeguarding,  we are catapulted back to the publication of similar consultation papers that called for enhancements to the CASS regime as far back as FSA CP 10/9 Enhancing the Client Assets Sourcebook.

At RegForce, we are only too aware of the consequences experienced by firms who failed to assess or understand the potential implications of the proposed proposals and the challenges faced by those firms who failed to prepare for change.

Experience has shown our team of specialists at RegForce that ‘a stitch in time really does save nine’.  If you would like assistance in understanding the proposed changes to the safeguarding requirements and what they may  mean for your organisation, please contact us.