Safeguarding
How we protect your money while it is with us.
1. What safeguarding means
As an authorised payment institution, we must protect the money you send us until it is paid out. This is called safeguarding.
2. How we protect your money
- Your money is kept separate from our own money.
- It is held in a designated safeguarding account at [safeguarding bank] that is only used for customer money.
- We reconcile customer money every business day.
3. If something happened to us
If IFS Currency Limited became insolvent, safeguarded money would be returned to customers before other creditors are paid, after the costs of distributing it.
4. What safeguarding does not cover
Payment services are not protected by the Financial Services Compensation Scheme (FSCS). Safeguarding is a different form of protection.
5. How long we hold your money
Usually only until your payment is sent. If we hold a payment for checks, or need to return it, it stays safeguarded until then.