UK FCA updates payments and e-money approach document to reflect new rules on safeguarding and terminating framework contracts

The UK Financial Conduct Authority (FCA) has published a revised version of its payment services and electronic money approach document, which sets out the FCA's guidance on the provisions of the Payment Services Regulations 2017 (PSRs) and the Electronic Money Regulations 2011. The changes to the guidance: (i) reflect the new safeguarding rules for payment and electronic money institutions which came into force on 7 May. The FCA published a mark-up showing the proposed related amendments to its approach document in August 2025; and (ii) align the guidance with the new rules on terminating framework contracts, as set out in paragraph 8.98 of the revised approach document. The changes relate, among other things, to the minimum notice period for contract terminations where payment service providers may terminate a framework contract by giving at least 90 days' notice to the customer, subject to exceptions under the PSRs. The FCA has also updated its webpage on safeguarding requirements for payment and electronic money institutions to reflect the changes.

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