Important information about Safeguarding

Entrusting your money to somebody else is always a daunting prospect, and Moneycorp understands how important it is to repay the faith that has been placed in us. Having operated for 40 years, we have developed a reputation as a trustworthy and reliable foreign exchange specialist.

As an Authorised Payment Institution, TTT Moneycorp Limited (“Moneycorp”) is regulated by the Financial Conduct Authority (“FCA”) in the UK for the provision of payment services. Moneycorp is subject to the safeguarding obligations of the Payment Services Regulations 2017 (“PSRs”) and relevant guidance provided by the FCA.

When you send us money to make a payment Moneycorp gives you the value in your payments account which you can use to make payments to your recipients. While this may sound similar to what a bank does when funds are received into a current account, there are differences between Moneycorp and a bank which means that:

• We do not use any funds relating to payments under the PSRs for our own purposes or lend to other customers; and
• Any funds received relating to payments under the PSRs is not covered by the Financial Services Compensation Scheme (“FSCS”) which is a scheme that protects you when financial firms fail but it is covered in another way called ‘safeguarding’.

‘Safeguarding’ is a regulatory requirement for all Authorised Payment Institutions. It’s important to note that only funds known as ‘relevant funds’ are safeguarded and are therefore protected. ‘Relevant funds’ are defined in the PSRs as (a) sums received from, or for the benefit of, a payment service user for the execution of a payment transaction, and (b) sums received from a payment service provider for the execution of a payment transaction on behalf of a payment service user.

When Moneycorp receive relevant funds, they are safeguarded, in accordance with the PSRs. 

Unlike with the FSCS, which provides compensation up to £85,000, all relevant funds are safeguarded, so in the unlikely event that Moneycorp goes out of business, all relevant funds that have been safeguarded in accordance with the PSRs (minus administrative costs applied by the insolvency practitioner) will be returned to you as part of the insolvency process. No third party creditors will have access to these funds.

An independent audit takes place every year to review Moneycorp’s compliance with the safeguarding obligations under the PSRs. 

For more information and details on your rights when using Moneycorp’s payment services please visit the FCA’s website. We know that security is one of the most important aspects to consider when choosing a payment institution. If you have any questions about our business practices, please call us on the contacts listed on our contact us page where we will be happy to discuss any concerns.