Workshop: FRC Safeguarding Audit – Industry Engagement on Interim Guidance
Event details
- Date: 3rd February 2026
- Time: 8:30 – 11:00 GMT.
- Venue: ICAEW Member’s Hall (close to Moorgate tube station)
- Breakfast and refreshments: Breakfast, tea and coffee will be provided. Please inform us if you have any dietary requirements as soon as possible.
Agenda
- 8:30: Guests arrive
- 8:30 – 9:00: Networking and breakfast
- 9:00 – 9:30: Presentation of FRC Safeguarding Audit – What to expect
- 9:30 – 11:00: Roundtable discussion on the FRC’s draft ‘interim guidance’
Background
Following the Financial Conduct Authority’s publication of Policy Statement (‘PS’) 25/12, it has mandated that all Authorised Payment Institutions and E-Money Institutions (safeguarding >£100k of relevant funds) must undergo an annual mandatory safeguarding audit, effective from 7 May 2026.
As a result, the Financial Reporting Council (‘FRC’) is in the process of drafting a new Safeguarding Assurance Standard that qualified Safeguarding Auditors must follow to conduct its audit. However, in the interim, considering the tight timescale to the 7 May 2026 go-live date, the FRC is developing an ‘Interim Guidance’ for qualified Safeguarding Auditors.
This event from The Payments Assocation’s Regulatory Working Group, co-hosted by Gladius Assurance, will explore the FRC’s draft ‘interim guidance’. We are seeking feedback from a wide range of stakeholders at Payment / E-money firms. By attending, members will have the opportunity to ensure their views are considered on this significant development.
Why attend
The workshop will cover, on a Chatham House rules basis, the following areas:
- Gain an understanding of the FRC’s draft ‘Interim Guidance’ proposed audit testing scope.
- Understand its approach to proportionality and materiality for the Safeguarding Audit.
- Share your views on operational friction points for Payment / E-Money firms.
- Share your feedback on auditor availability and access.
- Consolidate and feed concrete industry views back to the FRC working group.
Target Audience
We encourage the following attendance from regulated Payment / E-Money firms:
- CFOs
- Safeguarding Officers
- Head of Treasury
- Head of Compliance
- Head of Internal Audit
- Legal
What next?
Insights gleaned from the roundtable will be summarised in a response that we submit to the FRC.
This event has limited space and is on a first come first serve basis.
