Dear All, I work for Moneycorp from our London office as an account manager and I am French (I look after clients referred by our partners related to the French market). First of all I would like to thank the people who used us and are sharing their positive experience, we work very hard to give our clients as good an experience as possible and it is always good to hear the feedback. I just wanted to clarify a few important points that some of you had raised, especially delays in transactions, FSA regulation and safety of funds. -Delays of transactions: Sorry to state the obvious but we can only send the funds once we have received them. Indeed, most of the delays our clients incur are due to issues with incoming funds (wrong reference, wrong bank account, delay in the bank where the funds originate from to actually action the transfer, etc…) the other significant reasons for delays are at the receiving end. We do not speculate on funds AT ALL and do not hold them longer than the client wishes: if a deal has been booked by a client as soon as the funds arrive (when correctly labelled) we send them as a SWIFT payment (fastest possible). The only time when funds would not be sent immediately is when a client wishes to send us the funds (No Deal Booked) to be in position to act quicker should a specific currency level be reached. -Since November 2009 and the Payment Services Regulations, Moneycorp is authorised by the FSA as a Payments Institution (PI). Authorised PIs are required to safeguard client funds they hold in relation to an electronic payment. -Safety of funds: Incoming client funds are held on “Client Accounts”, held with our bankers. Outbound funds come under the protection of the Payment Services Regulations (providing the broker is authorised by the FSA for the provision of payment services as is the case with Moneycorp ) and as such they are held in specific safeguarded accounts. I hope this helps and answer some uncertainties you might have.
