Business Issue
A UK-authorised e-money institution required a safeguarding audit to assess whether its systems and controls met regulatory obligations under the Electronic Money Regulations 2011 (EMRs) and aligned with the FCA's expectations. The client also needed a formal report to confirm the adequacy of their organisational arrangements during the audit period.
Solution
fscom conducted a comprehensive review of the client’s safeguarding systems and controls through a combination of document analysis, sample testing, walkthroughs, and staff interviews. This approach enabled us to evaluate both the design and operational effectiveness of the arrangements. A detailed report was produced, highlighting areas of strength and identifying opportunities for improvement, with clear recommendations for addressing any issues. The final report was presented to the board, with fscom addressing all questions and clarifying key findings.
Benefits
The client gained a clear understanding of how their safeguarding arrangements performed against regulatory expectations. The audit provided practical insights, transparency, and a structured plan for resolving any weaknesses—supporting ongoing compliance and strengthening governance oversight.
Client
Feedback
The client felt confident in the robustness of the audit process and appreciated the clarity and depth of fscom’s findings. The ability to present and discuss the report at board level added significant value and enabled effective decision-making around safeguarding enhancements.
