Safeguarding Information
What is safeguarding?
Safeguarding is a legal requirement under the Payment Services Regulations 2017. It ensures that money we receive from customers for the purpose of providing payment services (“relevant funds”) is kept separate from the company’s own funds and protected in the event of Regent FE’s insolvency.
Relevant funds are held in designated safeguarding accounts with authorised credit institutions until they are paid out to the intended beneficiary.
Safeguarding is not the same as the Financial Services Compensation Scheme (FSCS). Your funds are not protected by FSCS, but they are safeguarded as required by law.
What are relevant funds?
Relevant funds are the money we receive from you for the execution of a payment transaction or for money remittance services.
These funds must be safeguarded from the moment they are received until the payment has been executed or refunded back to you.
How does Regent FE safeguard client funds?
Regent FE conducts a daily reconciliation of all relevant funds as part of its end-of-day safeguarding process. This process includes:
- Segregation – client funds are kept separate from Regent FE’s own funds.
- Daily reconciliation – internal ledger balances are matched to safeguarded account balances.
- Senior management oversight – reconciliation and safeguarding checks are reviewed and approved daily.
- Safeguarding accounts – safeguarded funds are placed in a safeguarded account with authorised credit institutions.
The Risk Management Committee monitors safeguarding counterparties and oversight arrangements regularly.
Safeguarding arrangements for customers serviced under partner institutions
Currencycloud (For clients based in the US, Canada, EU and Eurozone issued with TCCL accounts)
When funds are posted to your account, in line with regulatory requirements, the regulated e-money institutions who we work with safeguard your funds. This means that the funds shown in your payment account or e-wallet are held at reputable banks or covered by an insurance policy, and most importantly, are protected for you in the event of our partner e-money institutions, or our, insolvency. Our partners stop safeguarding your funds when the money has been paid out of your account to your beneficiary’s account. If you require a breakdown of the exact amounts of funds you have safeguarded at each of our e-money partners at a particular point in time, please do not hesitate to contact us.
Payrnet Limited
For accounts where Payrnet Limited is listed as the banking provider, e-money is issued and safeguarded by Payrnet. Funds are safeguarded in line with regulatory requirements and protected in the event of Payrnet’s or Regent FE’s insolvency. Safeguarding stops when funds leave the Payrnet account.
Is my money protected by the FSCS?
No. The FSCS does not apply to payment institutions or electronic money institutions. Your funds are protected through safeguarding, not through FSCS insurance.