UKNF supervisory priorities for 2026 – key obligations of MIP and KIP in the area of users fund protection

In connection with the new year, the UKNF (hereinafter as “the Authority”), in line with its annual supervisory practice, has published its supervisory priorities for 2026. With regard to the payment services sector, the Authority identified one priority only, but one of fundamental importance: verification of the actual level of protection of funds belonging to users of payment services.

Obligations under Articles 78 and 80 of the UUP in the supervisory practice of the UKNF

Importantly, already in the years 2023 and 2024 the Authority addressed analytical and supervisory correspondence to entities operating in the payment services sector, reminding them of the absolute obligation to comply with the rules on safeguarding monetary funds received from users for the purpose of executing payment transactions, arising from Articles 78 and 80 of the Payment Services Act.

At that time, the UKNF emphasized that what is decisive is the real operational implementation and execution of these obligations, rather than their merely formal inclusion in internal procedures and documentation. Particular emphasis was placed on consistency between declarations submitted in licensing proceedings and ongoing operational practice.

What steps should be taken?

As part of preparations for 2026, we recommend in particular the following actions:

1. Maintaining and continuously verifying the account designated for safeguarding user funds, together with up to date documentation, including the account agreement and internal procedures.

2. Reviewing and updating the internal procedure for safeguarding client funds, including ensuring its consistency with operational practice.

3. Verifying operational mechanisms, controls and reporting, in particular with regard to:

• balance monitoring
• cash flows
• timeliness of fund transfers

4. Considering the implementation of additional, proportionate control measures, adequate to the scale of operations and the risk profile, for example enhanced second line controls, more frequent reviews, compliance testing, or targeted audits.

Importantly, the account designated for safeguarding user funds should be maintained with a domestic bank, a credit institution, or a branch of a foreign bank subject to appropriate supervision.

These measures are also of significant practical importance in crisis scenarios. In the event of insolvency of an entity operating in the payment services market, funds accumulated in such an account are not subject to enforcement and are excluded from the bankruptcy estate, which constitutes one of the key elements of protection of user interests.

Legal support for MIP and KIP in preparation for UKNF supervision in 2026

The lack of consistency between documentation and operational practice remains one of the main areas of interest for the Polish Financial Supervision Authority. Please contact us for a review of the implementation of fund protection mechanisms and verification of compliance with regulatory obligations.