The Financial Conduct Authority's Client Assets Sourcebook chapter 15 came into force on 7 May 2026. The regime places UK-authorised payment institutions and electronic money issuers under a structured safeguarding framework for the first time. All covered firms must now reconcile relevant funds on a daily basis. Each firm must also submit monthly safeguarding returns to the regulator.
Institutions are required to maintain a resolution pack under CASS 10A, documenting fund locations, agents, distributors, and recovery procedures for use in insolvency. Annual safeguarding audits are mandatory only for firms holding more than GBP 100,000 in relevant funds at any point during the reporting period.
The FCA published version 8 of its Payment Services and Electronic Money Approach Document on 7 May, incorporating guidance on the new CASS 15 and CASS 10A obligations. The regime covers all UK-authorised payment institutions and e-money issuers except those that solely provide payment initiation or account information services.