What is a safeguarding audit?

Following recent guidance, the Financial Conduct Authority (FCA) now requires e-money institutions and certain payment institutions to have their safeguarding arrangements audited at least once a year.

An annual independent audit of compliance with the safeguarding obligations is required to demonstrate that you are adequately protecting you customers’ funds in the event of potential insolvency.

What does the safeguarding audit involve?

Within the safeguarding audit, we use a combination of document review, sample testing, walkthroughs and interviews with staff to understand how you have set up your arrangements and their effectiveness in practice.

The services are delivered by our own auditors who are both expert in safeguarding and experienced in auditing.

We work in partnership with you to ensure that we provide you with a report that both meets the FCA’s expectations and contributes to your clear aim of protecting your customers’ funds.

Why choose fscom?

• 10 years experience in conducting safeguarding audits and advising on safeguarding arrangements.
• Extensive insight into industry best practice, across the broad range of business models.
• Audits are led by senior colleagues who have deep domain knowledge of safeguarding and are highly experienced in auditing.
• Honest and full appraisal of what your firm does well and areas requiring attention in a time efficient manner.
• Open and engaging communication approach with all staff based on core values of mutual respect, courtesy, patience and flexibility.

If you are looking for a thorough, independent audit of your safeguarding arrangements by the leading experts in the industry, contact us today for a free initial consultation.