1. Muloot Money
1.1. ‘Muloot Money’ is a trading name of Aspire Payments Limited.
1.2. Aspire Payments Limited is a company registered in England under the company registration number 09609407. The company is registered with the Financial Conduct Authority as a Small Electronic Money Institution to issue e-money and provide payment services under the Electronic Money Regulations 2011 with firm reference number 900883.
1.3. In these terms and conditions:
a. ‘e-money’ means electronic money, and is an electronically stored monetary value.
b. ‘FCA’ means the Financial Conduct Authority or any relevant successor authorities established from time to time
c. ‘Foreign Currency’ means a currency that is not Pound Sterling
d. ‘FX’ means changing your e-money from a Foreign Currency into another Foreign Currency or from Pound Sterling into a Foreign Currency or vice versa.
e. ‘FX Contract’ means our written acceptance of an order from you (whether online or offline) to make a FX.
f. ‘group’ means Aspire Payments Ltd and its trading name Muloot Money and any other companies within its group. This means any subsidiary or holding company from time to time of Aspire Payments Limited, and any subsidiary from time to time of a holding company of Aspire Payments Limited. A reference to a holding company or a subsidiary means a holding company or a subsidiary (as the case may be) as defined in section 1159 of the Companies Act 2006.
g. ‘insolvency event’ means you becoming unable to pay your debts as and when they fall due or any bankruptcy, winding-up or liquidation petition or order or resolution, the appointment of an administrator or receiver, an insolvent reorganisation (by way of voluntary arrangement or otherwise) or the occurrence of any similar or analogous insolvency event.
h. ‘Muloot Money Personal Account’ ‘your account’ means a personal account which we open in your name and which consists of an online E-Money Account and a FX service.
i. ‘offline’ means an action initiated via a means, accepted by us, which is not online.
j. ‘online’ means an action initiated via our website.
k. ‘Pound Sterling’ means the lawful currency of the United Kingdom from time to time
l. ‘PSR’ means the UK Payment Services Regulations 2017 as from time to time amended, restated or re-enacted.
m. ‘Spot FX Contract’ means a Contract where the Foreign Currency is scheduled to be available in the relevant Wallet within 2 business days of the date of the FX Contract.
n. ‘System’ means the online foreign exchange and payments system used by Muloot Money from time to time.
o. ‘Value Date’ means the date when a FX Contract matures and the Foreign Currency or Pounds Sterling you buy is available in the relevant Wallet Currency.
p. ‘Wallet’ means the place where each Wallet Currency e-money is stored.
q. ‘Wallet Currencies’ means Canadian Dollars (‘CAD’), Swiss Francs (‘CHF’), Czech Koruna (‘CZK’), Danish Krone (‘DKK’), Euros (‘EUR’), Pound Sterling (‘GBP’), Hungarian Forint (‘HUF’), Norwegian Krone (‘NOK’), Polish Zloty (‘PLN’), Romanian Leu (‘RON’), Swedish Krona (‘SEK’) and US Dollars (‘USD’).
r. ‘website’ means www.mulootmoney.com
s. ‘we’ ‘us’ ‘our’ means Aspire Payments Ltd trading as Muloot Money.
t. ‘you’ ‘your’ means the named account holder in whose name the account is opened.
2. Introduction and account opening
2.1. This document sets out the terms and conditions for your Muloot Money Personal Account. These terms and conditions along with the fees page on our website and any other terms and conditions that we advise apply to our services, form a legal agreement and explain our obligations to you and your obligations to us.
2.2. Your account is intended for personal use only. Personal use means for your personal enjoyment only, and not for business or investment purposes.
2.3. The Muloot Money Personal Account will not pay interest on any money contained in the account.
2.4. The Muloot Money Personal Account does not have an overdraft facility.
2.5. In regards to foreign exchange, the Muloot Money Personal Account can only be used to buy and sell Foreign Currency for non-speculative purposes. This means that we will not accept an order for FX if you are seeking to enter into the FX Contract as an investment or to profit by speculation on currency movements.
2.6. Muloot Money may in its own discretion decline any application for a Muloot Money Personal Account.
2.7. Muloot Money and you agree that these terms and conditions and the provision of the Services by Muloot Money shall be governed by the provisions of PSR as from time to time amended, restated or re-enacted.
2.8. We may communicate with you and accept instructions for transactions from you, by telephone, email, via the System or any such means as we may determine from time to time.
2.9. You can request a copy of and download these terms and conditions at any time through our website. You can also contact us to request a copy by email, phone or post.
3. Our contact details
3.1. You can contact us:
a. By our website: www.mulootmoney.com
b. By email on: customerservices@mulootmoney.com
c. By phone: +44 345266 8758
d. Muloot Money, PO Box 3968, Chester, CH1 9RR
3.2. We do not accept service of legal proceedings through our email address. We will accept service of legal proceedings at our registered office address in clause 3.1(d). Please mark any legal proceedings for the attention of the Legal Department.
4. Changes to these terms and conditions
4.1. You will find the most up to date version of these terms and conditions on our website.
4.2. We will tell you about any changes to these terms and conditions by using the email address that you provided to us. Changes which are to your disadvantage will be communicated to you at least 60 days before the change is made and becomes effective.
4.3. If after receiving this notification, you wish to close your account, you may do so within 60 days and will not incur any extra charges in doing so.
4.4. Any other changes which are not to your disadvantage can be made immediately and communicated to you no later than 30 days after the change. You are not entitled to close your account without fees due to these changes.
5. Setting up a Muloot Money Personal Account
5.1. To be eligible to apply for a Muloot Money Personal Account, you must be at least 18 and have a residential address in the UK or the European Economic Area (‘EEA’) at which you permanently reside. By law, we must check your identity. We will do so by searching your record at identity authentication companies and fraud prevention agencies. The agencies will keep a record of our search. We may use an automated scoring system as part of our verification process, or we may ask you for documentary evidence. If we suspect that you have given us false or inaccurate information, we may record our suspicions at fraud prevention agencies and may pass information about you to law enforcement agencies. If you would like details of the organisations with which we share information, please ask us by e-mail or post.
5.2. If an insolvency event occurs in relation to you, then you agree we may:
5.3. decline to act on any instructions from you or any other party unless you have previously obtained an appropriate order from a Court or we have been authorised to act on such instructions by a third party (such as an appointed insolvency practitioner) from whom we should obtain authority.
5.4. set up a separate account or accounts in your name to which any incoming payments may be credited.
5.5. In so doing, we will not be held liable for any expenses, costs or losses incurred by you or your representative, advisor or insolvency practitioner. You must inform us if you enter into an insolvency event within 7 days of entering into the event.
6. Your details
6.1. It is your responsibility to inform us of any changes to your contact information. You must tell us as soon as possible if you change your name, address, phone number or email address.
6.2. If we contact you about your account we will do so using the most recent contact details which you have provided.
6.3. We will not be liable for any failure by you to receive correspondence from us, if you have failed to update us of any change of contact details.
6.4. We will treat any communication as being received by you by email, mobile phone or text message as soon as we send it.
7. Using your Muloot Money Personal Account
7.1. You may hold money in any Wallet Currency within your account at the same time. Each Wallet Currency will be held in a separate Wallet.
7.2. You can use your account and the money in it to:
a. send money to and receive money from other accounts, both Muloot Money accounts and non Muloot Money accounts;
b. conduct FX ;
c. view information and manage your account.
8. Payments into your Muloot Money Personal Account
8.1. Money paid into your account must be made by way of electronic fund transfers. If you expect to receive large payments, especially international payments of any kind, we may not accept these without prior arrangement and you should contact us in advance to discuss. Proof of source of funds may be requested. We may refuse to accept a payment into your account if we reasonably believe that doing so may cause a breach of our legal obligations or expose us to action from any government, regulator or third party.
8.2. We currently offer Wallets in the Wallet Currencies.
8.3. Any money which is paid into your account in a Wallet Currency will be held in the currency in which it is received, and will not be converted to Pound Sterling other than through an FX Contract.
8.4. If money is paid into your account in a currency which is not a Wallet Currency, then it will be converted to Pound Sterling at the current exchange rate at the time the money is received by us and we will charge you a fee to receive that payment. Please refer to our fees page on our website.
8.5. If we are informed by another financial institution that money has been paid into your account in error, we can take an amount up to that sum from your account. We are not required to ask your permission but will endeavour to inform you if that happens. We will act reasonably to try and minimise any inconvenience to you.
8.6. There is a maximum average balance permitted in your account of £100,000 or equivalent value in Wallet Currency over a period of three months.
9. Payments out of your Muloot Money Personal Account
9.1. You can transfer money out of and make payments from your account by using our website. You will have to pay a fee for making a payment and these can be found on our fees page on our website. When the transaction is processed this fee will be taken from your account immediately.
9.2. You must have enough funds in your account to cover the full amount of any transaction you wish to make, including our fees. If you do not, we will normally reject the transaction. However, if we do allow a transaction despite a lack of funds, you must repay the amount owing to us immediately, otherwise you will be considered to be in arrears and clauses 9.10 and 9.11 will apply.
9.3. When setting up a new payee, you must ensure all information provided is accurate and complete. If it is not, we may not be able to process a payment instruction to that payee or the payment may be delayed or fail to reach that payee. We will not be liable for any loss you suffer if you do not include all the necessary information for a new payee or if the information you provide is incorrect.
9.4. You must read and act upon all warnings (including any fraud links which include additional information) presented to you when making payments out of your account, particularly when setting up a new payee or changing a payee's details.
9.5. If you are in doubt about making any payment, do not proceed with the payment and contact us.
9.6. You can arrange a payment through our website, or via telephone. You cannot cancel once the funds have been debited from your account.
9.7. If you ask us to undertake a transaction from your account, and we reasonably believe that doing so would cause us to breach a legal obligation or expose us to action from any government, regulator or third party, we can refuse to make that payment.
9.8. We may also refuse to act on any instruction made by you including payment instructions where we believe that:
a. the instructions are incomplete, ambiguous or unclear;
b. valid consent has not been given by you;
c. you or someone else is using the account for illegal activities, fraud or in breach of these terms and conditions;
d. we are required to do so for regulatory or legal reasons;
e. there are insufficient funds in your account to process the transaction including our fees.
9.9. We will get in touch with you as soon as possible if we have refused to act on your instruction, or held a payment instruction, unless we are not allowed to for legal reasons.
9.10. If a transaction is made and/or our fees paid from your account where there are insufficient funds in your account for that transaction or fees (‘shortfall’), we will seek for the shortfall to be reimbursed by you immediately upon request. We may immediately suspend all your personal accounts with us until that shortfall has been reimbursed in full.
9.11. If you fail to reimburse us for the shortfall immediately when requested, we may deduct an amount equal to the shortfall from any or all of the personal accounts you hold with us or from any sums subsequently paid into any of your personal accounts by you or a third party. You may make a payment from an alternative bank account in order to pay the shortfall.
9.12. You can access your full statement of all transactions and your account balance on your account page on our website. You will need to log onto your account via our website. You can download transaction history from each of your Wallets; you can also request to receive a copy of your statement by post or email. You should check your online account regularly.
9.13. If on reviewing your statements or your account balance you notice an entry or a balance that seems to be wrong, you should tell us as soon as possible so that we can undertake an investigation. During any investigation you should cooperate with us and with the police, if involved.
9.14. We will deduct any fees immediately, as and when they are incurred. Our fees page can be found on our website.
10. Using the FX service
10.1. As part of your account, we offer a FX service for the Wallet Currencies. This can be withdrawn by us at any time. We can only provide our FX service online whilst the money market is open, and offline on UK working days, between 8am-6pm Monday to Friday. Our FX service shall be limited to providing facilities for the sale and purchase of foreign currencies for the account holder’s use only and not for resale.
10.2. In using your account for FX, you hereby warrant that you are not acting for any third party, and that the transactions are for private purposes only.
10.3. We only conduct Spot Contracts online. FX contracts other than a Spot Contract may be available if you contact us.
10.4. Whilst we may provide you with information about FX markets and related matters, we do not provide advice. Any decision you make to enter into a FX is made on your judgement alone. It is your responsibility to familiarise yourself with the FX products or services you are buying and we will assume that you have done so.
10.5. We may at our absolute discretion refuse to enter into an FX Contract without giving any reason or being liable for any loss you suffer as a result of such refusal.
10.6. Your FX will be made using an exchange rate as advised to you and which you will need to agree to as part of the FX Contract.
10.7. You should check the FX Contract thoroughly before you enter into it. Subject to manifest error, on entering into the FX Contract a binding contract will be created between us and you, on the commercial terms set out in the FX Contract including the amount of relevant Foreign Currency, the foreign exchange rate and the Value Date and which will be subject to these terms and conditions.
10.8. We will not be responsible for any errors made by you once the FX Contract is entered into.
10.9. You cannot cancel, rescind or amend a FX Contract without our express written consent.
10.10. We may also at any time, without giving notice to you, refuse to perform or cancel any part of a FX Contract without being liable for any loss you suffer as result of that refusal or cancellation, should the following events occur:
a. there is a manifest error on our part;
b. failure by you to provide the correct amount of money in the correct currency at the stipulated time;
c. failure by you to make any payment when due under these terms and conditions;
d. any other material breach by you of any part of these terms and conditions.
e. you entering into any form of insolvency event;
f. any representations or information provided by you becomes materially inaccurate or materially changed;
g. it is unlawful for us to carry out the FX;
h. we are requested not to perform or carry out the FX or transaction by any government or regulatory authority whether or not that request is legally binding;
i. we consider it necessary to do so for our own protection including (without limitation) in circumstances where we suspect fraud, money laundering or where we feel we need to protect us from loss, market failure or volatile conditions.
10.11. If we refuse or cancel any FX for any reason, we are entitled, at our discretion, to charge you for any outstanding fees, losses and expenses incurred by us during that FX transaction. We will send to you the sum due to you, less any outstanding fees, losses and expenses and a notice setting out how the sum due to you has been calculated.
11. Keeping your Muloot Money Personal Account safe
11.1. Taking care of your account information, personal details, passwords and other security information is essential in order to prevent fraud and to protect you and your account. You should review and follow the advice that we provide. You should not let anyone else use your account, and you should not inform anyone of your password or other important account information. You should keep any statements or receipts safe and destroy them carefully.
11.2. If you are suspicious of any contact from us, or in any doubt as to whether a caller is genuine, or if you are suspicious about any email or other correspondence received, you should contact us and provide details so that we can investigate.
11.3. You should keep your mobile devices, computer and security details secure. If these are lost or stolen you must update us as soon as possible. You should also use up to date antivirus software, spyware and a personal firewall.
11.4. You should keep your password and log in information for our website secret, and you should not share this with another party. We will never ask you for that information.
11.5. You should always access our website by typing in our website address: www.mulootmoney.com. You should never access our website by clicking on a link in an email. Always make sure you can see the padlock symbol in the URL bar. You should be wary of emails claiming to be from us, especially those asking for personal information and passwords. We will never send you an email asking for your password information.
11.6. If you suspect your account has been used by anyone else, or if you suspect that someone has obtained your personal information and/or passwords, you must contact us as soon as possible. You can do this by using the contact us button on the login area of your account, or contacting us by email or phone.
11.7. You may be responsible for unauthorised payments made from your account if you have not kept your mobile devices, computer and your security details safe.
11.8. If you believe that a payment has been made from your account that was not authorised by you, you must inform us in writing within 13 months of the date of the transaction. We will refund the transaction amount and any associated fees by the end of the business day following receipt of your written notification. If you don’t inform us within 13 months we will not be able to investigate or provide any refund.
11.9. We will investigate, in accordance with PSR, the transaction that has been reported as unauthorised by you. If we find that any of the following has occurred we will not be required to provide a refund and if a refund has already been provided we will be entitled to recover the full amount of the refund:
a. you acted fraudulently,
b. the transaction(s) are found to have been authorised by you,
c. you acted with gross negligence,
d. you failed to keep your account safe and secure, including the security credentials to your account,
e. you failed to notify us of security issues regarding your account, including lost, stolen or compromised security credentials to your account,
f. you failed to notify us as soon as you were aware of the unauthorised transaction.
11.10. We will, upon request, investigate any other disputed transactions or misuse of your account. However, if during the course of our investigation we find that the disputed transaction was authorised by you, or such transaction or misuse was due to you failing to take reasonable care or to your negligence or fraud, we will seek to recover the transaction amount and associated fees from you and will charge you an administration fee for the work undertaken during this investigation.
11.11. If we find that you are using your account fraudulently or criminally, we will charge you for all reasonable costs that we incur in taking action to stop you from using it and in recovering those costs from you.
12. Our liability to you
12.1. We cannot guarantee that we will authorise any particular transaction, whether due to events outside of our reasonable control, or if we have a concern about the transaction or misuse of your account. Accordingly, we shall not be liable if we do not authorise a transaction, or if your account is closed or suspended.
12.2. We are not responsible for the quality, safety, legality or any other aspect of any goods or services that you purchase with your account. Any disputes about purchases should be settled with the supplier concerned. If you use your account to make a purchase you cannot stop that transaction once it has been processed.
12.3. Nothing in these terms and conditions excludes or limits in any way our liability to you where it would be unlawful to do so. This includes liability for: death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors; for fraud or fraudulent misrepresentation; for breach of your legal rights in relation to your account; and/or for breach of our statutory obligations, including any applicable rules of the FCA. However, we will not be liable for any default where it is a result of our duty to comply with any applicable laws of the European Union or the United Kingdom.
12.4. If we fail to comply with these terms and conditions, we will, subject to this clause 12, be responsible for any direct loss or damage that is a foreseeable result of our breaking of these terms and conditions. Loss or damage that is foreseeable means if it is either obvious it will happen, or if, at the time the account was opened, both we and you knew it might happen.
12.5. Subject to clause 12.3, we exclude liability for all losses other than the liability we have accepted in clause 12.4. The losses for which we are not liable include, but are not limited to, the following:
a. indirect and consequential losses;
b. losses (whether direct or indirect) incurred in connection with your inability to use your account;
c. economic losses incurred (whether direct or indirect), including loss of profits, business, business opportunity, revenue, turnover, reputation or goodwill;
d. any loss or corruption (whether direct or indirect) of data or information;
e. loss (whether direct or indirect) of anticipated savings or wasted expenditure (including management time);
f. any loss or liability (whether direct or indirect) under or in relation to any other contract;
g. losses incurred (whether direct or indirect) in connection with business interruption;
h. losses incurred (whether direct or indirect) in connection with your inability to access the website;
i. losses incurred (whether direct or indirect) in connection with any failed payment due to you not holding sufficient funds in the main part of your account or any of your Wallets (as applicable);
j. losses incurred (whether direct or indirect) in connection with using a third-party app in connection with a feature or service we offer;
k. losses incurred (whether direct or indirect) as a result of abnormal or unforeseeable circumstances or circumstances outside our reasonable control, including delays or failures caused by problems with another system or network, data-processing failures, mechanical breakdown or industrial action;
l. losses or costs incurred (whether direct or indirect) where a regulatory requirement means we must break these terms and conditions;
m. losses incurred (whether direct or indirect) in connection with your negligence, fraud or breach of any of the terms of these terms and conditions; or
n. losses incurred (whether direct or indirect) in connection with you sharing your information, security information or our website with any other person.
12.6. Our total aggregate liability in contract, tort (including negligence and breach of statutory duty howsoever arising), misrepresentation (whether innocent or negligent), restitution or otherwise, arising in connection with the provision or contemplated provision of your account or any collateral contract shall be limited to the total fees paid by you to us during the 12-month period immediately before the date on which the first cause of action first arose.
13. Closing your Muloot Money Personal Account
13.1. You have a legal right to cancel your account within 14 days of opening the account. The 14-day period is known as the ‘cooling off period’. If you cancel your account during this ‘cooling off period’, we will return to you any remaining funds after deducting any incurred fees and the fees for any transactions that had already been authorised at the time of cancellation within 5 business days.
13.2. You can also close your account at any time by writing to us by email or post or by phone. You can find our contact details in clause 3 of these terms and conditions. We will return all remaining money less outstanding transactions and fees. We will then arrange an electronic transfer to an account nominated by you. You can view our fees page on our website.
13.3. If we need to close your account for any reason, we will give you 60 days’ notice unless we are closing it for any of the reasons listed in clause 13.3.
13.4. We can close, restrict (in whole or in part), or suspend your account immediately without notice if:
a. we suspect fraud, criminal conduct or misuse of your account;
b. have security concerns;
c. we suspect someone else is using your account without your authority;
d. are required to do so by law or our regulator;
e. we do not have sufficient information to operate your account or it turns out that you were not entitled to open an account with us in the first place;
f. you are no longer entitled to have an account with us;
g. you do not accept any revised terms and conditions;
h. you do not pay any fees or any interest on those fees which is payable to us on time;
i. if any of the information you have provided becomes false, inaccurate or misleading in any way;
j. you act in a threatening or abusive manner to our employees or representatives;
k. you breach these terms and conditions;
l. you die;
m. you are imprisoned;
n. an insolvency event occurs to you.
13.5. We will inform you of the closure of your account as soon as we reasonably can or when we are permitted to do so.
13.6. Once your account is closed, we will not process and will reject any further transaction requests and will not pay any further payments from your account. However, any transactions that had already been authorised at the time of closure will still be processed, and the relevant transaction fees still charged.
13.7. Once your account is closed it is your responsibility to arrange for any credits to be paid to another account.
14. Using and sharing your information (Data Protection)
14.1. We will observe the requirements of the Data Protection Act 1998 (as amended and supplemented) and the General Data Protection Regulation (as amended, supplemented and superseded) in the performance of our obligations and will comply with any request made or direction given by you, which is directly due to the requirements of the relevant data protection legislation. The personal data we hold in relation to you may include, without limitation, identification information, contact information and financial information. This personal data may come from (i) the way the you interact with us for example, the services you use; (ii) the way you use your account, including information about payments you make and receive, such as amount, currency and the details of the payee; (iii) third parties, such as people appointed to act on your behalf, credit reference agencies or fraud prevention agencies. If you download any mobile applications or use any online platforms, these may contain additional requests for your consent to use your information or personal data. If you give us information about other people which we use to provide services, you confirm that you have obtained these people’s consent to provide the information to us.
14.2. We collect and use personal data to allow us (and, where relevant, other group companies) to:
a. provide services to you;
b. assess our risks in providing those services;
c. develop new and improved products and services, including conducting market and product analysis;
d. carry out regulatory checks and meet our obligations to our regulators;
e. prevent and detect fraud, money laundering, identity theft and other crime;
f. analyse, assess and improve our services to you, and for training and quality purposes; and
g. enable us to enforce our rights under this agreement if necessary.
14.3. We may pass personal data to third-party service providers, other Group Companies, or our agents (including their subcontractors), on the understanding that they keep it confidential.
14.4. We may also pass personal data to third parties in order to prevent fraud (including fraud prevention agencies), UK and overseas regulators and authorities in connection with their duties (such as crime prevention), credit referencing agencies and identity checking agencies (and other sources of information that help to verify your credit rating and identity). A record of this process may be kept by third parties and may be used to help other companies verify your credit rating and identity, and to prevent fraud.
14.5. We may also need to give our auditors, professional advisers, agents or subcontractors access to personal data or anyone who is interested in our business. We may send personal data outside the European Economic Area (EEA) to jurisdictions which may not have an equivalent standard of data privacy laws as that in Europe or the EEA. Where we do this, we will take appropriate steps to protect personal data. If you have been referred to us by a third party, we may provide them (or any party to whom they assign their rights under their agreement with us) with personal data relating to your contracts in which they are interested by virtue of our agreements with them.
14.6. Your attention is drawn to our full privacy policy which is available on our Website or you can request a copy via email.
15. Complaints
15.1. If you are unhappy in any way with your Muloot Money Personal Account let us know immediately so that we can try and resolve your issues. You can complain by contacting us via email or telephone on +44 800 145 6708, or you can send a letter to our address in clause 3.1.
15.2. You can view a copy of our complaints policy on our website. You can also request a copy by email.
15.3. We will try to resolve your complaint immediately. However, in cases where we are not able to do so we aim to resolve your complaint within 3 business days.
15.4. If we are not able to resolve your complaint within 3 business days, you may ask for it to be escalated to the Complaints Manager. We will endeavour to resolve your complaint and provide a full response within 15 business days, though this may be extended up to 30 days in exceptional circumstances.
15.5. If we are not able to resolve your complaint to your satisfaction and you are eligible, you may be able to refer it to the Financial Ombudsman Service.
15.6. The Financial Ombudsman Service is a free, independent service which might be able to settle a complaint between you and us. Their contact details are: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR; phone 0300 123 9 123, website www.financial-ombudsman.org.uk.
16. How we protect your money
16.1. Aspire Payments Limited, trading as Muloot Money, is registered with the FCA as a Small Electronic Money Institution (EMI) for providing electronic money services.
16.2. As an EMI, we are committed to the highest standards of financial security and protection for our customers. We adhere to the safeguarding requirements set out by PSR and the Electronic Money Regulations 2011 (EMR).
16.3. This differs from how banks protect your money in the UK, as they are covered by the Financial Services Compensation Scheme (FSCS).
16.4. Unlike with the FSCS, which provides compensation up to £85,000, all relevant funds are protected by safeguarding, even above £85,000.
16.5. When you deposit funds with us, these funds are received in exchange for the issuance of e-money. These funds are classified as ‘relevant funds’ and are subject to safeguarding requirements. This means that your funds are kept separate from our company’s funds. This process is known as ‘segregation of funds’.
16.6. In the unlikely event of us becoming insolvent, all safeguarded funds (minus administrative costs applied by the insolvency practitioner) will be returned to you as part of the insolvency process. No third-party creditors would have access to these funds.
16.7. We also maintain robust systems and controls to manage and mitigate risks to the safeguarded funds. This includes regular audits and compliance checks to ensure we are meeting our regulatory obligations.
16.8. Your trust is our top priority and we are dedicated to maintaining the highest levels of financial security for your funds.
16.9. When you transfer funds to us, or where we receive funds from a payment service provider on your behalf, for the purpose of fulfilling a FX Contract, such funds will not be relevant funds under PSR and will be placed into our operational bank account and will not be afforded the safeguarding protections as set out in PSR. Once any FX Contract has been concluded and funds are available for an onward payment transaction, we will classify such funds as relevant funds and such relevant funds will be dealt with in accordance with clause 16.5 and 16.6.
16.10. For more information and details on your rights when using our payment services please visit https://www.fca.org.uk/consumers/using-payment-service-providers
17. General
17.1. Subcontracting. We rely on some third parties to provide our service to you, which very rarely may cause a disruption to services.
17.2. Transfer. We may assign, transfer, mortgage, charge, subcontract, delegate, declare a trust over or deal in any other manner any of our rights and obligations under these terms and conditions and in relation to your account to another party (including any of our affiliates). This will not affect your rights in relation to your account in any way. You may not transfer or deal in any way with any of your rights or obligations in relation to your account.
17.3. Subrogation. You agree that if you lose any money (for example, as a result of fraud) which we choose to reimburse later, whether partly or in full, to transfer to us any rights of recovery relating to those losses that you may have against a third party. You agree that we will decide which third party (or parties) we may seek to recover such losses from. You will not do anything which could impact our rights of recovery against any third parties under this clause or you may be responsible for any losses we have incurred or may incur as a result. You also agree to help us enforce any such rights of recovery we may have against a third party (for example, by providing any further information we may need).
17.4. Intellectual property. We own or licence all intellectual property rights in our brand and name, our website and System and all related materials. No right (including intellectual property right) in these things will vest in you at any time.
17.5. Reimbursement of costs/expenses. If we receive a court order or other such legal document from any party relating to your account, you will be required to pay any costs and/or expenses which we reasonably incur to comply with that court order or legal document.
17.6. Waiver. If we do not insist that you perform your obligations under our terms and conditions, it does not mean you do not have to. If we choose not to exercise our rights immediately, this does not constitute a waiver of our rights and we may choose to do so at a later date.
17.7. Miscellaneous. Each term of these terms and conditions operates independently and if any such term is deemed to be unlawful or unenforceable, this will not affect any other term of these terms and conditions.
17.8. Events beyond our reasonable control. We will not be liable for any breach of these terms and conditions or otherwise liable for any failure or delay in the performance of our obligations if such delay or failure results from events, circumstances or causes beyond our reasonable control. The time for performance of our obligations shall be extended accordingly.
17.9. Governing Law. The laws of England and Wales apply to these terms and conditions. You agree that the courts of England and Wales have jurisdiction to settle any dispute or claim arising out of or in connection with the terms and conditions or its subject matter or formation.