CurrencyFair Ltd is regulated by the Central Bank of Ireland. CurrencyFair Limited is registered with the Financial Conduct Authority (FCA) under the Temporary Permissions Regime (TPR). Registration Number is FRN 522602. CurrencyFair (UK) Limited is in the process of applying for an electronic money institution license with the FCA.
You can check the register here and find out more information on what it means for your protection and consumer rights.
Key Features Include:
- Protection of Client Funds – as we are not a bank, we protect your money through safeguarding instead of the protection offered under the Financial Services Protection Scheme. As an authorised entity, we follow a clear set of regulations on how we have to safeguard customer’s funds. Among others, this requires us to segregate customer accounts with an FCA regulated bank so that, in an insolvency event, this money would be protected from other creditors’ claims and can be repaid to customers..
- Highest Standards for Systems and Procedures – We must maintain systems that minimise the risk of the loss of our customer’s funds through fraud, misuse, negligence or poor administration. In addition we are required to have effective risk management procedures, adequate internal control mechanisms and to maintain relevant records.
- Minimum Capital Requirements – We must maintain a minimum level of assets at all times that is set by the FCA. We must also hold sufficiently liquid assets to be able to meet our working capital requirements.
- Management Vetting – Key personnel are individually approved for performing controlled and significant influence functions. We must pass a ‘fit and proper test’ considering honesty, integrity, reputation, competence, capability and financial soundness to make sure that we are of good repute and possess appropriate knowledge and experience.
- Detection of Financial Crime – We must comply with legal requirements to deter and detect financial crime, which includes money laundering and terrorist financing.
CurrencyFair UK Ltd is a subsidiary of CurrencyFair Limited, a regulated Payment Institution authorised by the Central Bank of Ireland pursuant to Regulation 18 of the European Union (Payment Services) Regulations 2018.