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UK payments industry braces for "CASS-light" reality

From May 2026, CASS 15 imposes immediate, stricter safeguarding requirements on payment firms to protect client funds, with trust rules deferred until 2027.

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Jean Hurley

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Photo: Doug Armand/Getty Images
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As of May 7, the landscape for UK payment and e-money institutions has substantially transformed. The FCA’s CASS 15 (the Supplementary Regime) is now officially live, marking the end of the flexible, principles-based safeguarding era and the beginning of a rigorous, prescriptive oversight model.

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