Safeguarding accounts are a regulatory requirement for all authorised payment institutions and e-money institutions that hold customer funds — ensuring that in the event of the firm’s insolvency, customers can recover their money promptly and in full. Under the Payment Services Regulations 2017 and Electronic Money Regulations 2011, regulated firms must segregate customer funds in designated safeguarding accounts at approved credit institutions, separate from the firm’s own operating capital. Acumen Global Compliance supports regulated firms in establishing compliant Safeguarding Account arrangements — covering the selection of appropriate banking partners willing to open designated safeguarding accounts for payment institutions and EMIs, the structuring of your safeguarding method (segregation, insurance, or guarantee), the drafting of your safeguarding policy and procedures, the establishment of daily reconciliation processes, and the documentation of your safeguarding arrangements for FCA regulatory reporting. We also advise on the FCA’s evolving safeguarding expectations and help firms upgrade their arrangements to meet the enhanced requirements set out in the FCA’s safeguarding consultation.