Client Money, Relevant Funds and “Safeguarded Funds”: The Definitions Firms Get Wrong
Ask three people at a payment or e-money firm what “client money” means and you will often get three different answers, and at least one of them will be wrong. That matters more than it used to. Since the FCA’s new CASS 15 chapter came into force on 7 May 2026, firms authorised under the…