Is my money safe?
Security is important to us. Our currency brokerage has been authorised to provide payment services since 1st November 2009, when the Payment Services Regulations came into effect. In January 2015 we upgraded to the status of e-money issuer, which means we comply with the rules on how we conduct our business, treat our customers and ensure that we protect customer funds at all stages throughout the conversion process. It also means we have to have enough money on the balance sheet and have proper arrangements in place to protect clients’ money in the unlikely event we get into financial difficulty.
This is a much higher level of authorisation than being an ‘authorised payment institution’. It means we are subject to more rigorous and focused supervision by the FCA, and we’re now supervised by the FCA for compliance with both their regulatory and now also their anti-money laundering obligations.
As an authorised e-money issuer we must safeguard your funds. This means your money must be kept separate from our money. We have segregated client accounts. This ensures your funds are safe and secure while in our segregated ring-fenced client transaction accounts with Barclays in the UK. In addition, we don’t speculate with client funds. We simply make a small profit based on the difference between the rate we buy at and the rate we provide to you.
So in a nutshell, yes your funds are very safe indeed. To discuss anything in more detail, or to obtain further information please click here.