Manual

Our Services to Members

  • Conferences

    An important part of the AUKPI's activity is the organisation of conferences

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  • A voice for the payments sector

    We aim to provide an input to policy development in the UK and Europe

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  • AML training

    We offer online and seminar based AML training

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  • Industry best practice

    Guidance for members on key issues, such as safeguarding of client funds

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  • Developing policies for regulatory compliance

    Advice on how to comply with regulatory obligations associated with PSR’s and AML

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  • Information updates

    News on regulatory, banking and technical issues impacting our sector

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Guidance for members on key issues where further information beyond what the regulator provides may be useful. An example is recently issued guidance on client funds safeguarding.

‘A guide to safeguarding for money transfer business’ - prepared by Littlejohn accountants (February 2013)

The principle that clients funds should be protected at all times up to the point of delivery is an essential building block in terms of giving consumers the confidence to choose to send their money through regulated payment institutions, secure in the knowledge that such firms have made appropriate provision to safeguard client funds, in the event that, for some reason, the funds cannot be delivered to their destination and need to be returned to the sending customer.

Despite the useful PSR’s approach document issued by the FCA, the Association of UK Payment Institutions became aware that there was a lack of clarity among some member firms as to how they should properly interpret the requirements of the UK Payment Services Regulations around client funds safeguarding.

For this reason, the AUKPI asked Littlejohn accounts to produce some specific guidance which would reflect and respond to practical questions that had been raised by our members. The guidance is in four sections:

  • Introduction – what is safeguarding?
  • Segregation of funds
  • Accounting for customers funds
  • Miscellaneous matters

The guidance is not available for sale, but is provided free of charge to all members of the AUKPI.

We also advise firms to take note of recent advisory issued by the FCA:
12th October 2016 - FCA sends confirmation email to all firms about safeguarding
https://goo.gl/G86pPE