06 May 2024
The CIPP has united with seven leading UK providers of EWA to create an ‘EWA Code of Practice’. This Code was written in response to a recommendation by the Financial Conduct Authority (FCA) and sets the common standard for firms providing EWA products to deliver good consumer outcomes. To be compliant with the Code, each provider must undergo a regular independent assurance assessment.
EWA- Earned Wage Access (EWA) products, also known as Employer Salary Advance Schemes (ESAS), Flexible Pay or On-Demand Pay, is a financial service that allows employees to access a portion of their earned wages before their regular payday.
Onsi has been added to the list of providers to undergo audit in Q2 2024 and independent assurance assessment.