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UK payments industry braces for “CASS-light” reality

Commuters leaving Canary Wharf underground station in the morning rush hour on their way to work.
Photo: Doug Armand/Getty Images

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

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.

For compliance officers, the message from the regulator

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