Safeheld
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    United Kingdom. CASS 15, run every day.

    Payment and e-money institutions are authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 or the Electronic Money Regulations 2011, and safeguard under CASS 15, in force since 7 May 2026. Small payment institutions that choose to safeguard follow the same rules.

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    Rules applied
    E-money funds by segregation, e-money funds by insurance or guarantee, and payment-service funds by segregation.
    Reports prepared
    FCA monthly safeguarding return, ready to file. Resolution pack and audit pack.
    Checked
    Every reconciliation day, for each entity, pool and currency.

    What the FCA expects.

    Relevant funds protected from the day after receipt, reconciled every reconciliation day, and evidenced to the FCA every month.

    Safeguarding of relevant funds

    Authorised payment institutions, authorised and small e-money institutions, and small payment institutions that elect to safeguard. Supervised by Financial Conduct Authority.

    CASS 15; CASS 10A; SUP 3A; SUP 16 Annex 29BR (PS25/12)
    RequirementWhat the rule saysReference
    Who is in scopePayment and e-money institutions. A small payment institution that elects to safeguard follows the same rules.CASS 15.1.2R(2), 15.1.7R
    What must be protectedRelevant funds, kept and reconciled as separate pools for e-money and for unrelated payment services.CASS 15.8.3R(2)
    HowSegregated in a safeguarding account or invested in secure liquid assets, or covered by an insurance policy or comparable guarantee.EMRs 2011 regs 21-22; PSRs 2017 reg 23
    By whenSegregated by the end of the business day after receipt (D+1).CASS 15.8.35R, 15.8.51R
    Acknowledgement lettersEach bank and custodian confirms in writing that it has no claim on the funds.CASS 15 Annex 1R
    ReconciliationInternal and external reconciliations at least once each reconciliation day. The requirement is built from individual customer balances, negatives ignored, plus unallocated receipts.CASS 15.8.26R, 15.8.30R
    Insurance and guaranteesDecide at least three months before expiry whether to renew, and tell the FCA. Without renewal, plan the move to segregation.CASS 15.5.10R, 15.5.14R
    Resolution packKept current, so funds can be returned quickly if the firm fails.CASS 10A
    Safeguarding auditEach year for firms that safeguarded more than £100,000 in the past 53 weeks, submitted within four months of the period end.SUP 3A; SUP 3A.9.8

    How Safeheld applies it. The £100,000 audit test is calculated from the daily figures, with no manual exemption. Approved investments are valued from the previous business day's records, as the firm evidences.

    Returns and reports.

    What is filed, when and where, and exactly what Safeheld produces for it.

    Monthly safeguarding returnFinancial Conduct Authority
    How often
    Monthly
    Due
    15 business days after month end
    Filed through
    My FCA, submitted by the firm
    Ready to file

    The return in the SUP 16 Annex 29BR structure, every section and track, built from the reconciled figures for each pool.

    Safeguarding auditFinancial Conduct Authority, through the firm's auditor
    How often
    Annual
    Due
    Four months after the audit period end
    Filed through
    Auditor's report submitted by the firm
    Evidence and audit pack

    An audit pack for the period, the £100,000 test, and read-only access for the auditor to every reconciliation, break and approval.

    Resolution packHeld by the firm, available to an insolvency practitioner
    How often
    Kept current
    Due
    At all times
    Filed through
    Held by the firm
    Evidence and audit pack

    Accounts, acknowledgement letters, agents and distributors, policies and the latest records, kept current from Safeheld.

    Every report is reviewed and approved by your team before it is filed.

    Every day

    What Safeheld runs for the United Kingdom.

    Reconcile. Internal and external reconciliations every reconciliation day, for each pool and currency, with a separate D+1 check on every receipt.
    Investigate. Each break worked to its cause. Breaches tracked in a register with deadlines and FCA notification letters.
    Forecast. Funding needs for the next 24 hours, 7 and 30 days, against each pool's requirement.
    Act. Top-ups and excess withdrawals proposed, approved by up to three people, and recorded once the bank confirms.
    Report. The monthly return, the resolution pack and the audit pack, from the same reconciled figures. Capital, wind-down and safeguarding responsibility records alongside.
    Nexus Payments UK LtdGBP, 30 Sep 2026, close of businessMeets
    Owed to customers£60,616,678.52
    Counted under the rules£60,616,678.52
    Difference£0.00
    Pools
    E-money fundsCASS 15.8.26RMeets
    Payment-service fundsCASS 15.8.26RMeets
    D+1 receipt checkCASS 15.8.35RMeets
    Each pool is reconciled and reported on its own. The monthly return is built from these figures.

    Questions.

    Is the monthly return produced ready to file?

    Yes. Safeheld produces the return in the SUP 16 Annex 29BR structure from the reconciled figures for each pool. A person at the firm reviews it and submits it in My FCA.

    Does Safeheld check the D+1 deadline?

    Yes. Every receipt is checked against the end of the business day after it arrived, separately from the daily reconciliation, and a late segregation is raised as a breach.

    Do small payment institutions need this?

    Only if they choose to safeguard. A small payment institution that elects to safeguard follows CASS 15 in full and submits the monthly return.

    Who needs the annual safeguarding audit?

    Firms that safeguarded more than £100,000 at any point in the past 53 weeks. Safeheld calculates the test from the daily figures and prepares the audit pack.

    What if a bank has not signed an acknowledgement letter?

    Funds in that account do not count towards the requirement. Safeheld shows the shortfall and proposes the top-up.

    Customer money in the United Kingdom, accounted for every day.

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