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Customers Funds Safeguarding

KBRFX follows safeguarding requirements for payment services firms which are set out in the Payment Services Regulations 2017 (the “PSRs”) and the Electronic Money Regulations 2011 (the “EMRs”) respectively.

Under these legislations KBRFX is required to keep customers’ relevant funds separately from the company’s money at all times.

The legislation defines relevant funds as:

-        sums received from, or for the benefit of, a payment service user for the execution of a payment transaction; and

-        sums received from a payment service provider (PSP) for the execution of a payment transaction on behalf of a payment service user.

This means that safeguarding extends to funds that are not received directly from a customer, but includes, for example, funds received by KBRFX from another PSP for KBRFX’ customer.

Therefore all relevant funds are safeguarded by KBRFX for the benefit of the payer or payee.

The obligation to safeguard starts immediately on receipt of relevant funds and remains in place until the funds are no longer held by KBRFX.

KBRFX uses the segregation method of safeguarding – where relevant funds are segregated from all other funds the firm holds and, if the funds are still held at the end of the business day following the day on which they were received, the funds are kept in a separate account at NatWest Bank. NatWest bank is appropriately authorised by FCA and KBRFX board deems it suitable for safeguarding purposes.

IMPORTANT: Pure foreign exchange transactions, where KBRFX is buying the currency for the same customer, are carried out independently from payment services and are outside the scope of the safeguarding requirements. When making a payment of currency to its customer in settlement of a foreign exchange transaction, KBRFX is acting as principal in purchasing the other currency from its customer, and this does not constitute a payment service.


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