FS20/10: Coronavirus and safeguarding customers’ funds: guidance for payment and e-money firms

This document summarises the feedback received to our proposed temporary guidance to strengthen payment firms’ prudential risk management and safeguarding arrangements for customers’ funds, in light of the coronavirus pandemic (Covid-19). It also provides our responses to this feedback and next steps.

Read FS20/10 (PDF)

​​We have also published our finalised guidance and a portfolio letter to the CEOs of payment and e-money firms.

Who this applies to

This feedback statement applies to authorised:

  • payment institutions and small payment institutions
  • e-money institutions and small e-money institutions
  • credit institutions and custodians


On 22 May 2020, we published our consultation paper on coronavirus and safeguarding customers’ funds. The consultation closed on 12 June 2020. We received responses from more than 60 organisations, including payment firms, trade associations and law firms.

Next steps

We hope to conduct a full consultation later in 2020/21 on changes to our approach document, which will likely include a proposal to incorporate our guidance on safeguarding and prudential risk management. This will give stakeholders a second opportunity to comment on any measures that we propose to apply permanently, building on this temporary guidance.