Guides to safeguarding and payments regulation.
For finance, treasury and compliance teams that hold customer money, across the United States, the United Kingdom, the European Union, Canada, Australia, Singapore and Hong Kong.
FCA safeguarding enforcement tracker: every requirement, failure and court-reported shortfall since 2018Every FCA safeguarding action against payment and e-money firms since 2018: requirements, special administrations, court judgments, shortfall figures and the rules breached. Updated as cases land.Read guide CASS 15 and PS25/12: The Complete Safeguarding GuideCASS 15, in force since 7 May 2026 under PS25/12, sets how UK payment and e-money firms reconcile, report, audit and evidence safeguarded customer funds.Read guide CASS 5: Client Money Rules for Insurance Brokers and IntermediariesCASS 5 explained for insurance brokers: statutory and non-statutory trusts, risk transfer, client bank accounts, the 25-business-day calculation, shortfalls and FCA notifications.Read guide
All guides
145FCA safeguarding enforcement tracker: every requirement, failure and court-reported shortfall since 2018Every FCA safeguarding action against payment and e-money firms since 2018: requirements, special administrations, court judgments, shortfall figures and the rules breached. Updated as cases land.PS25 · 14 min
FCA CASS fines tracker: every client money and custody asset penalty since 2010Every FCA and FSA fine for client money and custody asset failures under CASS since 2010: firm, amount, breach period, the CASS rules cited and a link to each final notice. Kept current.CASS · 15 min
SRA client account enforcement tracker: every tribunal and SRA decision on client money since 2023Every Solicitors Disciplinary Tribunal judgment and SRA decision on client money since January 2023: the Accounts Rules breached, the sanction, the shortfall and a link to each judgment. Kept current.Legal · 16 min
US money transmitter enforcement tracker: every state, FinCEN and CFPB action on customer funds, licensing and compliance since 2022Every verified US enforcement action against money transmitters since 2022: state consent orders, FinCEN and CFPB penalties, net worth and permissible investment failures, customer fund shortfalls, with links to each order.United States · 16 min
UK safeguarding banks: which banks open safeguarding accounts for payment and e-money firms, and on what termsWhich UK banks publicly offer safeguarding accounts to payment and e-money institutions, the conditions they publish, the banks named by payment firms, and what the FCA says about how hard the accounts are to get.PS25 · 13 min
What is MiCA? The Complete Guide to EU Crypto-Asset RegulationA comprehensive guide to the EU Markets in Crypto-Assets Regulation: who it applies to, safeguarding requirements, compliance timelines, and what CASPs need to do now.MiCA · 12 min
What is the GENIUS Act? The US Federal Stablecoin Law ExplainedA complete guide to the GENIUS Act: signed into law in July 2025. Covers reserve requirements, issuer obligations, federal vs. state oversight, and what stablecoin issuers must do now.GENIUS Act · 10 min
PSD2 Safeguarding: What the Rules Require in the EU and the UKArticle 10 segregation and insurance methods, how national implementation differs, where the UK now sits under the PSRs, EMRs and CASS 15, and the current status of PSD3.PSD2 · 12 min
CASS 15 and PS25/12: The Complete Safeguarding GuideCASS 15, in force since 7 May 2026 under PS25/12, sets how UK payment and e-money firms reconcile, report, audit and evidence safeguarded customer funds.PS25 · 12 min
What is CASS? The FCA Client Assets Sourcebook ExplainedHow the Client Assets Sourcebook is structured, which chapters apply to which firms, and where CASS 6 custody, CASS 7 client money and CASS 15 each begin.CASS · 13 min
CASS 6 Custody Rules: Safeguarding Client Assets for Investment FirmsDetailed guide to CASS 6: the FCA's custody rules for investment firms, covering registration, reconciliation, use of client assets, and nominee requirements.CASS · 11 min
CMAR: How to Prepare and File the Client Money and Asset ReturnCMAR explained: which CASS firms file the Client Money and Asset Return, the 15 business day deadline, its nine sections, a worked example and common errors.CASS · 12 min