News & Press - Sunday, November 1, 2009 10:45 - 1 Comment

World First UK Ltd is granted FSA Payment Institution status

World First UK Ltd, the UK-based foreign exchange broker today announces that it is one of the first companies to become an FSA-authorised Payment Institution. Having PI status will extend a greater level of security to World First’s client funds, ensuring that client funds are totally protected from creditors.

The FSA Payment Institution status has been introduced as part of the Payment Services Regulations 2009 which implement the EU Payment Services Directive in the UK. It comes into force on 1 November 2009.

Joint founding director of World First, Jonathan Quin, says, “We are very proud to be able to offer this additional level of security to our clients that being an authorised Payment Institution gives us. We were very keen to be within this first round of companies who have applied for and been granted the new FSA Payment Institution status. We are always keen to do anything we can to ensure client security and are pleased to be able to give our clients that extra peace of mind that authorised Payment Institution status extends to them.”

Already registered with HMRC as a Money Services Business (which enforces compliance with anti-money laundering [AML] regulations), World First has had to demonstrate its worthiness to be granted PI status. Along with robust governance, including AML arrangements, Jonathan and fellow director, Nick Robinson, have had to prove that they are experienced and of good repute to manage the business. In addition, the FSA requires the company to maintain adequate capital in the business to buffer any unexpected financial loss and so protect client funds further.

“Complying with the FSA Payment Institution requirements and associated ‘conduct of business’ rules is all very straightforward for us,” continues Jonathan. “At all times we endeavour to adopt best practice so we have found we already operate in the way the FSA requires. For example, a major stipulation is safeguarding client funds by either segregating client money or having appropriate insurance in place to cover loss. We have always kept our clients money separate from the bank accounts we use to run our business so our clients have always had this extra protection.

“Additionally, we are always happy to share our audited accounts and bank references should clients request them. We have built a strong, financially-robust company of which we are very proud. We want our clients to know that their money is in safe hands.”

Ends

For more information, quotes and comment please contact:

Wendy Casterton
t: 020 7801 1060
e: wendy.casterton@worldfirst.com
w: worldfirst.com

Notes to editors:

For more information on the Payment Services Regulations 2009 see here: http://fsa.intuition.com/psd/lo_5006/sco.html

World First is a currency exchange broker, serving both private and corporate clients.   Set up in 2004 by directors Jonathan Quin and Nick Robinson, the company is experiencing very fast growth and now employs over 70 people in two offices (London, UK and Sydney, Australia).  It has 20,000 clients and transacted over £1 billion in 2008.
World First’s corporate clients are generally import or export companies, making regular transfers.   World First helps them minimise their exchange rate risk and manage their currency exposure.

Private clients largely use broker services to purchase a property abroad, usually a second home or investment or to emigrate.

World First is also now offering currency options to SMEs and private clients through World First Markets Ltd, which is authorised and regulated in the UK by the FSA.   World First is the first and currently only broker to offer currency options which have, until now, been the preserve of very large corporate organisations through their banks.