Security of funds

Each day millions of pounds flow through our client accounts and the security of these funds is paramount.

From the first day that Smart Currency started business in 2005, the funds of the business have been kept separate from the funds that belong to the client. This means that, in a worse case scenario, the funds still belong to client and not to the company.

In November 2009 new regulations were introduced. Effectively this meant that companies like ours that wanted to carry out international transfers and were of sufficient size had to register with the FSA as Payment Institutions [PI’s]. We were delighted to do so; this meant that the way we had always operated was now recognized as the best and the safest way to operate, namely with client’s funds held separately and thus properly safeguarded.

I think it is worth highlighting that not all companies who carry out international transfers are PI’s. Companies with a turnover below a certain level can operate as Small PI’s [SPI’s], which come with a different set of requirements. These do not include operating separate client accounts.

Crown Currency was such a SPI; they specialised in holiday money and they were not required to keep their company’s money and the client’s money separate. This meant that, when problems arose, the clients lost out - a very unsatisfactory position if you happen to have been one of their clients.

Another key requirement that the FSA introduced for PI’s is that they should have a minimum level of permanent equity in the company. At Smart Currency we exceed the minimum level of permanent equity required by the FSA by a very significant margin. And, as our business grows, we ensure that the level of permanent equity we hold in the business increases too.

I hope this is of assistance in providing a better understanding of how secure your funds are with Smart Currency. Our aim is to help you reduce the costs of your transfers, make them more efficient and to eliminate the risk and stress of that transfer.

If you would like to discuss any of the above please feel free to give us a call on 0207 898 0541 and we will be more than happy to go through it in detail.

For more information on Smart Currency Business call: 0845 638 0571 (or +44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyBusiness.com