In accordance with Regulation 23 of the Payment Services Regulations 2017, Currency Solutions Limited ensures that all customer funds related to payment services are properly segregated and safeguarded. We fulfil our safeguarding obligations by keeping these funds separate from our own business funds. Specifically, safeguarded funds are held in dedicated accounts that are entirely distinct from those used for our operational finances. This measure is designed to protect your money in the unlikely event that we become insolvent. In the event of insolvency, safeguarded funds are protected from claims by our creditors and should be returned to you in full—subject only to a deduction for your share of any costs incurred by the insolvency practitioner in distributing these funds. Please note that Currency Solutions Limited is not covered by the Financial Services Compensation Scheme (FSCS).
This differs for clients who are onboard with our FCA-regulated e-money partners. When funds are posted to your Currencycloud account, e-money is issued in exchange for these funds, by an Electronic Money Institution who we work with, called Currencycloud. In line with regulatory requirements, Currencycloud safeguards your funds. This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of Currencycloud’s, or our, insolvency. Currencycloud stops safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.
