For FCA-authorised payment and e-money firms

Safeguarding bank due diligence, evidenced source by source

Since 7 May 2026, CASS 15 has required you to exercise all due skill, care and diligence in selecting, appointing and periodically reviewing the banks, insurers and custodians that hold your safeguarded funds, and to consider diversification to limit concentration risk. Your annual safeguarding audit will test how you did it. We give you the evidence, one institution at a time.

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What is in each file

• Authorisation. The institution’s PRA and FCA status, permissions, any requirements or restrictions, and its register reference.
• Ownership. Group structure and parent, from Companies House and the annual report.
• Financial strength. Capital, liquidity and profitability figures from its latest annual report and Pillar 3 disclosures, and credit ratings where the institution publishes them.
• Regulatory record. FCA and PRA final notices, public censures and other published enforcement.
• Material incidents. Publicly reported outages and regulatory action.
• Questions to put to the institution. Every point public sources could not settle, written as a question you can send to the bank, with why it matters and how urgent it is.
• Concentration. A worksheet of how your safeguarded funds are split across institutions, from figures you give us. Those figures stay confidential to your firm.
• Twelve months of change alerts on the institution’s FCA Register record, including its disciplinary history, to support your periodic review.

How it is built

• Every statement is quoted from its source, linked and dated.
• Official and regulatory sources are weighted above marketing.
• Gaps are stated, never filled with guesswork.
• Each file carries a reference anyone you show it to can check at veracentintelligence.co.uk/verify.
• Files follow our published research methodology. The criteria specific to safeguarding-bank files will be published on the criteria page before the first file is issued. Corrections are published in the corrections log.

How ordering works

• Tell us the institution or institutions holding your safeguarded funds, and the name of your firm for the file.
• Pay by card or invoice. The founding price is payable on order.
• Receive the file within three working days and keep it with your safeguarding records for review and audit.

For compliance consultancies

Have a client who needs to evidence due diligence on its safeguarding bank? We do the research; your team reviews it and keeps the judgement, the client relationship and the billing.

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Common questions

Our banks are household names. Is this needed?

The rule is not only about whether a bank is sound. It is about evidencing what you checked, when, and when you will review it. The file is that record.

We already have a consultant.

Good. They can review the file and keep the judgement; it saves them the research. Consultancies get trade terms for files delivered to their clients.

Will our auditor accept it?

We cannot promise that, and nobody honestly can. What the file gives your auditor is the evidence: every fact, where it came from and the date it was read. The assessment and the decision remain yours.

Does anyone else learn which banks we use?

No. A file is addressed to your firm and we never disclose who commissioned one, or which institutions a firm uses. We may publish a public report on an institution, as we do for every firm we cover.