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Each month I transfer through FX currency bureau Rational Fx
Just after taking my monthly standing order in November,
which I use to pay utility bills etc.
I received notification that the company has gone into administration and they cannot repay me my money .
There is I understand no protection with these companies for cash they hold on behalf of customers !!
I though I was safe ,
Not so
Rick
La R
I take it you have looked up the details. Apparently these companies, though not covered by the EU financial compensation schemes, must set up "safeguarding" accounts outside their business where customers' money are kept.
If you haven't seen it, this link tells you all about it and what to do next https://equalsmoney.com/blog/rationalfx-enters-special-administration-your-next-steps
Posted: Sun Dec 17, 2023 9:55pm
Super helpful member
The following information has been taken from the information issued by the Financial Conduct Authority (for further information click on the link at end of the text):
What should I do if I have money with RFX?Customers should contact the joint special administrators (JSAs) if they are concerned, have any questions, or for any updates. The JSAs will gather as much information as possible from creditors and customers of RFX about payments made to, or owed by, RFX. Customers of RFX who believe that they are owed money by the firm should contact the JSAs directly on:
Are my funds protected by the Financial Services Compensation Scheme (FSCS)?No. The FSCS only applies to certain types of activity. This does not include payment services. Under the PSRs, with which regulated payments firms must comply, there are requirements on how customers’ money should be protected, and these requirements are known as ‘safeguarding’.
Posted: Mon Dec 18, 2023 10:33am
marcliff wrote on Sun Dec 17, 2023 8:42pm:
I take it you have looked up the details. Apparently these companies, though not covered by the EU financial compensation schemes, must set up "safeguarding" accounts outside their business where customers' money are kept.
If you haven't seen it, this link tells you all about it and what to do next https://equalsmoney.com/blog/rationalfx-enters-special-administration-your-next-steps
Read more...
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Yes. I had looked into this and was aware they should have separate accounts.
But have tried to contact them without success as this is a great inconvenience and are not overly confident when I will be recompensed if al all !!
Due to there responses so far
Looks like the only future option is the big banks !
Kind regards
Rick
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