Security of Funds

BACKGROUND

In this day and age it is important to check out any company you are sending money to. Here is some information to give you peace of mind and confidence when using CrossbarFX. Should you require any additional information, please do get in touch.

CrossbarFX has been trading since 2004. We have never had any debts or liabilities and are a privately owned company, registered in the UK.

REGULATION

CrossbarFX Ltd is a UK registered company – our company number is 5515868. You can look this up on the Companies House website. CrossbarFX Ltd is authorised by the Financial Conduct Authority (“FCA”) as a Payment Institution under the Payment Services Regulations 2009. Our Registration number is 535761. You can look this up on the FCA register website.

The Payment Services Regulations 2009 stipulate that all client funds must be held in segregated accounts that are only used for client transactions and are independent of CrossbarFX‘s own business accounts. All funds held in these accounts belong to the clients and the Banks we trade with have no right of set off over these funds.

We are also regulated by HM Revenue & Customs as a Money Services Business in relation to the execution of spot and forward foreign exchange transactions. Our Registration Number is 12232355. You can look this up on the HMRC website (you will need to enter our postcode – LA7 7HG). As a Money Services Business we follow a strict code which incorporates all the requirements of the 2007 Money Laundering Regulations and other legislation. We maintain best-in-class compliance procedures including strict security, documentation and audit processes.

FUNDS RECEIVED FROM CLIENTS OR FROM 3RD PARTIES FOR CLIENTS

CrossbarFX Ltd is an Authorised Payment Institution under the Financial Conduct Authority (No 535761) and thus ensures client funds are kept separate from the company’s funds. The UK’s Payment Services Regulation 2009 further ensures that client funds are insulated and safeguarded against the claims of other creditors in the event of insolvency.

CrossbarFX never speculates on the currency markets. When you enter into a transaction with us, we enter into a matching irrevocable covering deal with our bank or non-bank currency supplier. It is this transaction that turns your sold currency into your bought currency and from which your outward payment is made. We currently bank with Handelsbanken.

REFERENCES

You are welcome to request a “Bank Status Reference” on CrossbarFX which you can order through your own bank.

If you would like to do this please let us know and we will send you our account details. We are also always happy to provide references from existing clients, and will endeavour to find someone who is in a similar industry if you are a business, or has similar demands as you if for your personal account.

For your and our protection, telephone calls are usually recorded. Our head office is in Milnthorpe, Cumbria, but we have satellite offices in London and Suffolk. If you would like to meet one of us please get in touch.

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