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FCA CP24/20: Diversifying Balances to Mitigate Risk and Enhance Compliance Regulatory Change Diversifying Balances to Mitigate Risk and Enhance Compliance The article highlights FCA safeguarding updates, requiring firms to diversify balances to mitigate risk and enhance compliance. It emphasizes due diligence, operational redesign, and robust documentation to meet CASS 15 regulations and adapt to increased FCA scrutiny. Regulatory Change FCA Introduces Stricter Due Diligence Rules for Payment and E-Money Firms that Safeguard Client Assets The FCA introduces stricter due diligence rules under CP24/20, requiring Payment Service and E-Money firms to enhance oversight of third-party institutions holding client assets. These rules focus on risk assessment, segregation, monitoring, and transparency. Grath’s GRC platform helps firms comply by streamlining due diligence, automating reconciliations, and improving efficiency to safeguard assets and meet regulatory standards. Regulatory Change Robust Regulation is Here To Stay: A New Era for Payment Firms Today marks the launch of our new series called ‘The FCA’s new agenda for safeguarding: 10 key takeaways for Payment and E-Money firms’. In the coming weeks, our COO Paul Wood will continue to outline the main areas firms need to address to meet the safeguarding requirements in the CP24/20 regime.
CP24/20 – What Is The Role Of The Safeguarding Oversight Officer and What Are Their Responsibilities? This article outlines the key duties of the Safeguarding Oversight Officer under proposed CASS 15 rules, ensuring compliance across CASS and Safeguarding regimes. Risk & Compliance The New CASS Resolution Pack CP24/20 sets out comprehensive safeguarding rules for Payment and E-Money firms. Our latest article discusses resolution packs and describes how Grath’s GRC solution supports compliance of these CASS chapters through document aggregation, continuous review and updates to ensure accuracy at all times. Read more to stay ahead of these regulatory changes. Chapter 15 safeguarding notification requirements Risk & Compliance The New CASS Chapter 15: Enhanced Safeguarding Rules and Notification Requirements for Payment Firms The FCA’s new Chapter 15 introduces enhanced safeguarding rules and stricter notification requirements for payment firms. This article outlines key obligations, including breach notifications, reconciliation discrepancies, and new escalation management processes to ensure compliance and consumer protection. FCA Introduces Stricter Due Diligence Rules SUP 3A: Extending the CASS Style Audit Approach to Payment & E-Money Firms The FCA's CP24/20 introduces stricter safeguarding rules for Payment and E-Money firms, extending the CASS Audit framework's approach to control effectiveness and substantive testing. Firms must enhance their risk management and control systems to ensure compliance, as rigorous audits will assess the effectiveness of these safeguards.
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Product Update | GRC Platform development What’s New at Grath | Governance, Risk & Compliance At Grath, we continuously strive to evolve and enhance our platform based on your feedback. We are pleased to introduce the latest updates to the GRC module, designed to streamline your processes, improve data integrity, and enhance your overall experience. The new safeguarding regulations The New Safeguarding Regulations The New Safeguarding Regulations – What They Mean and When for Payment Firms and E-Money Institutions FCA CP24/20: Diversifying Balances to Mitigate Risk and Enhance Compliance Regulatory Change FCA CP24/20 Consultation Paper After much anticipation, the FCA has released the long-awaited CP24/20 consultation paper on changes to the Safeguarding Regime - “Changes to the safeguarding regime for payments and e-money firms”. How Reconciliation Best Practices Reflect Strong Governance Reconciliations are more than financial tasks—they reflect a company’s commitment to accuracy, accountability, and strong governance. This article highlights how adopting best practices in reconciliations strengthens financial integrity and builds trust with stakeholders. Grath Expands Operations to The Middle East Grath, a leading global platform for financial services and regulatory compliance technology, is excited to announce its strategic expansion into the Middle East by opening a new office in the prestigious Dubai International Finance Centre (DIFC).
Dormant Asset Scheme What is the Dormant Assets Scheme (DAS)? The Dormant Assets Scheme (DAS) allows financial institutions to transfer unclaimed assets to Reclaim Fund Limited (RFL), a government-overseen entity. Expanded by the Dormant Assets Act 2022, DAS now includes various financial products, requiring firms with CASS permissions to accurately reconcile, manage, and attempt to return dormant assets before transferring them to the RFL. CASS6 CASS 6 Challenges – Getting Your Custody Reconciliations Right Chapter 6 of the Client Asset Sourcebook (CASS) mandates that firms accurately and completely hold and reconcile client assets, ensuring internal records match actual holdings to protect clients and meet regulatory requirements. Although CASS 7 has more detailed rules on client money, the fundamental controls like segregation, record accuracy, maintenance, and reconciliation are consistent across both chapters. CASS and Safeguarding: 10 Key Considerations When Transitioning from Spreadsheets to Automated Solutions CASS and Safeguarding: 10 Key Considerations When Transitioning from Spreadsheets to Automated Solutions The article discusses the challenges firms face in transitioning from spreadsheet-based to automated systems for CASS (Client Assets Sourcebook) and Safeguarding reconciliations, which are crucial for compliance audits. As firms enhance their governance and operational models for client assets and customer funds, system and process automation becomes essential. This migration is complex due to the critical nature of reconciliations and the stringent notification requirements from the FCA in case of failures. Successful migration requires careful management and alignment among stakeholders to ensure accuracy and reliability. With all of that, here are 10 key considerations when transitioning from spreadsheets to automated solutions that you should keep in mind.

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