Payset in Full Compliance with the FCA's New Consumer Duty Implementation Plan
After conducting a comprehensive review of our operations, we are pleased to share that we believe we are in full compliance with the obligations set out in the FCA's Consumer Duty Implementation Plan.
The Financial Conduct Authority (FCA) launched its new Consumer Duty Implementation Plan this past month, which puts new obligations on authorised UK financial services firms like Payset in regard to how we interact with our customers.
After conducting a comprehensive review of our operations, we are pleased to share that we believe we are in full compliance with these obligations.
What is the Consumer Duty Implementation Plan?
The FCA plan is intended to “set higher and clearer standards of consumer protection across financial services and require firms to act to deliver good outcomes for customers.” For Payset this means bolstering the transparency, value, and quality of the services, support, and communications we provide our clients.
What did our comprehensive review cover?
Our products and services
Our pricing and value for clients
Our marketing and transactional communications
Our customer support
Our review not only affirmed our compliance with the FCA’s latest regulations, but also revealed opportunities for continued improvement. As always, the core concern across everything Payset does is the quality of the experience for our clients (both existing and prospective).
As we add exciting new products and services over the coming months, we are focused on implementing these improvements to ensure not only ongoing compliance, but exceeding our clients’ expectations and making the onboarding process for potential clients like you as seamless as possible.
If you have any questions about any of the above, or if you would like more information about how Payset adheres to FCA regulations via practices like safeguarding or any other aspect of our new platform, please contact customer support, we’d been more than happy to hear from you.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
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