The Financial Conduct Authority (FCA) has published policy statement PS25/12, confirming final rules to strengthen the safeguarding regime for payment and e-money firms. These reforms follow consultation paper CP24/20 and aim to reduce shortfalls in customer funds and ensure faster, fuller returns if a firm fails. The FCA has also published draft amendments to ‘Payment Services and Electronic Money – Our Approach’, which will be updated to reflect the new regime. The new rules, along with the related amendments to the Approach Document, will come into force on 7 May 2026. The FCA notes that it will engage with industry throughout the nine-month implementation period to support compliance.