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Safeguarding – Obligations for Payment Firms
Learning objectives
When you’ve completed all of the activities in this pathway, you should be able to:- Define safeguarding and explain its importance in the context of FCA-regulated payment firms.
- Identify which funds are subject to safeguarding requirements under the Payment Services Regulations 2017 (PSRs 2017) and distinguish them from funds that are not.
- Describe the two primary methods of safeguarding customer funds (segregation and trustee arrangements), including the key requirements and considerations for each.
- Explain the regulatory requirements for governance, record-keeping, and reconciliation of safeguarded funds, and their purpose.
- Outline the prudential requirements that payment firms must meet and how they relate to safeguarding customer funds.
- Summarise the FCA’s expectations regarding the reporting of safeguarding arrangements and breaches, including the definition of a “material breach.”
- Recognise the potential impact of proposed changes to safeguarding rules and how your firm will adapt to them.
- Identify your individual responsibilities in maintaining effective safeguarding practices within your specific role.
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£75.00
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