Arrangements intended to protect relevant funds received by certain payment and e-money institutions under the applicable regime.
Why the distinction matters
Begin with the funds and the entity, not with an account label. A safeguarding assessment connects records, eligible arrangements, reconciliations and the rules that apply to the service. It is not equivalent to saying that every customer balance is a bank deposit.
In the working file
Illustrative example
A team retains a ledger extract, the corresponding external evidence and a record of the reconciliation. Those documents answer different parts of the control question.
Use the term in context
Record the legal entity, activity, period and applicable source alongside the term. A familiar label does not remove the need to establish scope. Our operating playbook connects this definition to a practical process.
Read the related playbookSources & scope
Primary sources used for this research edition. Document dates and commencement dates are different fields. Recheck the issuing authority before acting.
- FCA: Safeguarding requirements for payment and e-money institutionsGuidance · source reviewed 12 November 2026
- FCA Handbook: CASS 15: relevant fundsHandbook · source reviewed 12 November 2026