Your Money, Protected
How Cambridge Currencies Safeguards Your Funds
Cambridge Currencies safeguards client funds through its FCA-authorised payment partners — Currencycloud (FRN 900199), Equals Connect (FRN 671508), and ScioPay (FRN 927951). Client funds are safeguarded at a credit institution under the Electronic Money Regulations 2011 and Payment Services Regulations 2017, held separately from any company balance sheet.
Three Layers of Protection
How Your Money Stays Safe
Multiple safeguards ensure your funds are protected from the moment Cambridge Currencies receives them until they reach your beneficiary.
Ring-Fenced Accounts
Client funds are safeguarded by our FCA-authorised payment partners at a credit institution under the Electronic Money Regulations 2011 and Payment Services Regulations 2017, held separately from company operating funds.
FCA-Authorised Partners
Cambridge Currencies operates through three FCA-authorised payment partners — Currencycloud (FRN 900199), Equals Connect (FRN 671508), and ScioPay (FRN 927951) — each subject to ongoing FCA supervision and safeguarding rules.
Insolvency Protection
If an FCA-authorised payment partner became insolvent, safeguarded client funds are protected under the safeguarding rules in the Electronic Money Regulations 2011 and Payment Services Regulations 2017. Because client funds are held separately from the institution’s own operating funds, they fall outside the institution’s general estate.
Safeguarding vs FSCS
How Safeguarding Compares to Bank Deposit Protection
UK banks and FCA-authorised payment institutions are subject to different regulatory protections. Banks operate under the Financial Services Compensation Scheme (FSCS). FCA-authorised payment institutions like Cambridge Currencies’ partners are subject to safeguarding rules under the Electronic Money Regulations 2011 and Payment Services Regulations 2017. The two frameworks apply to different products and work in different ways.
| What you get | UK Bank (FSCS) | Cambridge Currencies (Safeguarding) |
|---|---|---|
| Type of protection | Government-backed deposit compensation scheme | Safeguarding under EMR 2011 / PSR 2017 |
| Coverage limit | £85,000 per person, per institution | Set by safeguarding rules under EMR 2011 / PSR 2017 |
| Where the money sits | On the bank’s balance sheet, used to fund lending | Held at a credit institution, separate from the institution’s operating funds |
| If the firm fails | FSCS pays compensation up to £85,000 | Safeguarded funds fall outside the institution’s general estate |
| Regulator | PRA / FCA | FCA |
| Relevant rules | FSCS Compensation Sourcebook (COMP) | Electronic Money Regulations 2011, Payment Services Regulations 2017 |
| Best for | Bank deposits | International payment services and e-money |
FSCS and safeguarding are separate frameworks set out in different statutes and they apply to different products. Anyone choosing how to hold or transfer funds should consider which framework applies to the relevant service. See our brokers vs banks comparison for context on costs and services.
Safeguarding is the key regulatory distinction between an FCA-authorised payment institution and an unregulated FX firm. In practice, client funds sit in a safeguarded account at a credit institution from the moment they arrive until they leave for the beneficiary — never on Cambridge Currencies’ balance sheet, and held separately from the institution’s own operating funds. For large international transfers, that regulatory framework is a material factor to understand.
Anthony Bull
CEO, Cambridge Currencies
The Process
How Safeguarding Works Step-by-Step
Client funds the trade
The client sends funds directly to one of our FCA-authorised payment partners (Currencycloud, Equals Connect or ScioPay). Funds are received into a safeguarded client account held by the partner — not into any Cambridge Currencies operating account.
E-money is issued and ring-fenced
The partner institution issues regulated e-money representing the client’s balance. The cash backing that balance is safeguarded at a credit institution, separate from the partner’s own operating capital, under the Electronic Money Regulations 2011 and Payment Services Regulations 2017.
Funds remain safeguarded throughout
From the moment funds arrive until they leave for the beneficiary, client money is held in safeguarded accounts under FCA safeguarding rules. The institution cannot use safeguarded funds for any purpose other than executing the client’s payment, in line with the Electronic Money Regulations 2011 and Payment Services Regulations 2017.
Payment sent to beneficiary
When the client confirms the trade, the funds are converted at the agreed rate and sent to the beneficiary’s account. Safeguarding ends only at the point the money is delivered to the recipient bank — because it is no longer held by Cambridge Currencies or its partners.
FCA-Authorised Partners
Our Regulated Payment Partners
Cambridge Currencies operates through three FCA-authorised partners, each subject to ongoing FCA supervision and statutory safeguarding requirements.
Currencycloud
FCA AuthorisedAcquired by Visa Inc. in 2021. Currencycloud is a global leader in cross-border payments technology, now part of the Visa group.
For UK and global clients, Cambridge Currencies works with The Currency Cloud Limited, authorised by the UK Financial Conduct Authority under the Electronic Money Regulations 2011.
For clients in the European Economic Area, payment services are provided by CurrencyCloud B.V., authorised by De Nederlandsche Bank (DNB) as an electronic money institution. For clients in the United States, payment services are provided by Visa Global Services Inc. (VGSI), a licensed money transmitter.
Equals Connect
FCA AuthorisedCambridge Currencies partners with Equals Connect Limited, authorised and regulated by the UK Financial Conduct Authority as an Authorised Payment Institution.
Equals Connect safeguards client funds at a credit institution under the Payment Services Regulations 2017, with the same statutory safeguarding framework as our other FCA-authorised payment partners.
ScioPay
FCA AuthorisedFor additional payment services, Cambridge Currencies works with Sciopay Ltd, licensed and regulated by HMRC as a Money Service Business and authorised by the UK Financial Conduct Authority as an Authorised Payment Institution.
This ensures that client funds processed via ScioPay are safeguarded under strict FCA rules, with the same protection model as our other partners.
When Does Safeguarding End?
Safeguarding continues until the payment is sent to the chosen beneficiary. Once funds leave the safeguarded account and are delivered to the recipient’s bank, safeguarding ends — because the money is no longer held by Cambridge Currencies or its partners.
Important: If Cambridge Currencies or any of its FCA-authorised payment partners (Currencycloud, Equals Connect or ScioPay) were to become insolvent, safeguarded client funds are protected under the safeguarding rules in the Electronic Money Regulations 2011 and Payment Services Regulations 2017. Because the money is held separately from the institution’s own operating funds, it falls outside the institution’s general estate.
Frequently Asked Questions
Safeguarding — Common Questions
What is safeguarding?
Safeguarding is a UK regulatory requirement under the Electronic Money Regulations 2011 and the Payment Services Regulations 2017. It requires FCA-authorised payment institutions to safeguard client funds at a credit institution, separately from the institution’s own operating funds. If the institution becomes insolvent, safeguarded client funds fall outside the institution’s general estate.
How is safeguarding different from FSCS protection?
FSCS and safeguarding are separate regulatory frameworks set out in different statutes. FSCS protects bank deposits up to £85,000 per person, per institution. Safeguarding under the Electronic Money Regulations 2011 and Payment Services Regulations 2017 applies to client funds held by FCA-authorised payment institutions. The two frameworks apply to different products and operate in different ways.
Is Cambridge Currencies FCA authorised?
Cambridge Currencies operates through three FCA-authorised payment partners: Currencycloud (FRN 900199), Equals Connect (FRN 671508), and ScioPay (FRN 927951). All client funds are safeguarded at a credit institution by these partners under the Electronic Money Regulations 2011 and Payment Services Regulations 2017. Each partner’s authorisation can be verified on the FCA Register.
What happens to my money if Cambridge Currencies or its partners become insolvent?
Safeguarded client funds are protected under the safeguarding rules in the Electronic Money Regulations 2011 and Payment Services Regulations 2017. Because client money is safeguarded at a credit institution, separately from the payment institution’s own operating funds, it falls outside the institution’s general estate. This is the regulatory framework that distinguishes an FCA-authorised payment institution from an unregulated FX firm.
Where is my money held during an international transfer?
From the moment client funds are received by our FCA-authorised payment partners until they are paid out to the beneficiary, the money is safeguarded at a credit institution under EMR 2011 and PSR 2017. Cambridge Currencies never holds client funds directly, and the funds never sit on any company balance sheet.
Is there a limit to how much money can be safeguarded?
FSCS and safeguarding are different frameworks set out in different statutes. FSCS deposit protection has a £85,000 statutory limit per person, per institution. Safeguarding under the Electronic Money Regulations 2011 and Payment Services Regulations 2017 is a separate regulatory framework that applies to client funds held by FCA-authorised payment institutions and operates in a different way. See our guide on transferring large amounts internationally for context.
How long are my funds safeguarded for?
Funds are safeguarded from the moment they are received by one of our FCA-authorised payment partners until the moment they leave the safeguarded account on the way to the beneficiary’s bank. Once the transfer has been delivered to the beneficiary, safeguarding ends — because the money is no longer held by Cambridge Currencies or its partners.
Can I check Cambridge Currencies’ partner credentials on the FCA Register?
Yes. All three FCA-authorised partners can be verified on the FCA Register: Currencycloud (FRN 900199), Equals Connect (FRN 671508), and ScioPay (FRN 927951). The FCA Register is the public record of all firms authorised to provide regulated financial services in the UK.
Safeguarded by regulated partners. Every transfer, every time.
Whether you’re moving £25,000 or £25 million, every transfer is safeguarded at a credit institution by our FCA-authorised payment partners under EMR 2011 and PSR 2017.
Regulatory notice: Cambridge Currencies Ltd (registered in England & Wales, company number 15402338) is not directly authorised by the Financial Conduct Authority. Payment services are provided by FCA-authorised partners: The Currency Cloud Limited (FRN 900199), Equals Connect Limited (FRN 671508) and Sciopay Ltd (FRN 927951). Client funds are safeguarded at a credit institution under the Electronic Money Regulations 2011 and the Payment Services Regulations 2017. This page is for informational purposes only and does not constitute financial guidance. Always seek independent professional guidance for material transfers.