Commenting on changes to UK payment safeguarding rules, taking effect from Thursday 7 May, Peter Harmston, UK Head of Payments, KPMG, said:
“The FCA’s new safeguarding rules are another step forward in strengthening the resilience of the UK payments system, giving customers confidence that their money is protected if a payment firm fails. The timing is especially significant given the increased pressure many firms face in the current economic climate.
“Safeguarding isn’t a once-and-done exercise, it requires strong day‑to‑day controls, independent oversight and confidence that third‑party and client money arrangements operate as designed. Setting clearer expectations on how customer funds are held, reconciled and governed should help reduce the risk of shortfalls, making it easier for firms to demonstrate they’re doing the right thing for their customers.”
