This document summarises the feedback received to our proposed temporary guidance to strengthen payment firms’ prudential risk management and safeguarding arrangements for customers’ funds, in light of the coronavirus pandemic (Covid-19). It also provides our responses to this feedback and next steps.
We have also published our finalised guidance[2] and a portfolio letter[3] to the CEOs of payment and e-money firms.
Who this applies to
This feedback statement applies to authorised:
- payment institutions and small payment institutions
- e-money institutions and small e-money institutions
- credit institutions and custodians
Background
On 22 May 2020, we published our consultation paper[4] on coronavirus and safeguarding customers’ funds. The consultation closed on 12 June 2020. We received responses from more than 60 organisations, including payment firms, trade associations and law firms.
Next steps
We hope to conduct a full consultation later in 2020/21 on changes to our approach document, which will likely include a proposal to incorporate our guidance on safeguarding and prudential risk management. This will give stakeholders a second opportunity to comment on any measures that we propose to apply permanently, building on this temporary guidance.