On 1 November 2009 the new Payment Services Regulations (PSRs) came into effect. These state that non-bank payment service providers, such as Moneycorp, must be either registered or authorised by the Financial Conduct Authority (FCA). On that day, these types of businesses became known as Payment Institutions (PIs).
We’re pleased to announce that as of November 1 2009, Moneycorp is authorised and regulated by the Financial Conduct Authority for the provision of payment services. Take a look at our full list of FCA permissions.
The PSRs establish rules governing how authorised PIs provide payment services where both the payer and the payee are located within the European Economic Area (EEA). These rules are designed, in part, to ensure customer protection.
Authorised PIs are required to protect any client funds they hold in relation to an electronic payment. They also have to meet stringent criteria set by the FCA in terms of corporate governance, solvency and risk identification and management.
What this means for our customers
For Moneycorp customers, this change will have very little impact. This is because we’ve been operating under extremely tight self-imposed policies and procedures with regard to customer funds and services, long before the new rules existed.
Unfortunately, under the PSRs we can no longer instruct overseas banks in the EEA to charge any beneficiary bank fees to us when we send payments in an EEA currency. And whilst we’ll continue to guarantee that the full amount will be transferred by us, we cannot guarantee that the beneficiary bank will not make a subsequent charge to you.
We recommend that our customers contact their beneficiary bank for clarification on these types of charges.
Find out more
Read our updated terms and conditions for Moneycorp, or view all of our FCA permissions.