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Last night, fscom partnered with Fieldfisher to host an interesting discussion on the FCA's proposed changes to the safeguarding regime for payment and e-money firms at Fieldfisher's London office - complete with stunning skyline views. Attendees had the opportunity to hear both the regulatory and legal perspectives as fscom’s Head of Payments Alison Donnelly and safeguarding specialist Greg James joined legal experts John Budd and Simon Lafferty from Fieldfisher. Key takeaways include: 🔹Polls demonstrated that the audience recognised the need for changes to the safeguarding rules to enhance industry resilience but also firms' key concerns on the practical implications of the introduction of a statutory trust and the length of time and cost of safeguarding audits. 🔹The FCA's interim state rules are anticipated for H2 2025, bringing with them stricter requirements: introduction of resolution packs, strong focus on segregation and third parties, new monthly safeguarding regulatory returns, and new FRC standards and likely costs. 🔹Further measures, including enhanced liquidity and credit risk policies, and policy renewal mandates, aim to elevate safeguarding standards. 🔹End state rules are envisaged to be in play in 2027. Alison rounded the session up by reminding everyone that this is still the consultation period—so a call out to industry - please review the consultation, take your feedback and concerns and respond to the FCA by the deadline of 17 December 2024 to ensure your views are heard. #Payments #EMI #Safeguarding #FCA #fscom #Fieldfisher Elaine Tighe Maja Marszalek