What is the FCA?

The FCA stands for the Financial Conduct Authority. The body regulates financial organisations and financial advisors in order to provide confidence to consumers and businesses. The FCA is the body that regulates the international money transfer industry.

As an independent and impartial money transfer comparison platform, we ensure that all UK currency suppliers contributing rates are FCA authorised and regulated (authorised payment institution). We also ensure all suppliers operate segregated client accounts that cannot be claimed by creditors in the event of a money transfer specialist going bust. Client funds are solely used for client transactions and independent rom the day to day running of the business.

Beware of transacting with ‘‘small payment institutions’’ which are typically far less established firms. We do not list any on CurrencyTransfer. Small payment institutions can choose, rather than forced, to operate segregated client accounts which many deem as being risky.

Any UK payment service business that is not regulated by the FCA is committing a criminal act. In short, it’s worth shopping around not only for a cheaper deal, but also a fairer deal on currency.

Daniel Abrahams
CEO, CO‑FOUNDER