FairFX

Joey122

Does anyone know if fairfx is regulated by the FSA?

ie after the CCE debacle, are you protected paying for your $$$$ by Visa Delta Card if they went bust?

I know it shows the Newcastle Building Society & Barclays Bank as Partners on there website but are you covered?

Any help would be appreciated, thanks in advance.

chattychappy

I think they are a mere introducer, they are not authorised themselves.

It seems their card is operated by the Newcastle Building Society - so you are covered for that.

But other transactions would not be protected.

chattychappy

Further confirmation from the FSA website

Basic details for:

488396 - FairFX PLC

Payment Institution status: Authorised Payment Institution Effective Date: 01/02/2010 Agent Status:
Effective Date:
Address: Marc House
13-14 Great St. Thomas Apostle
London
EC4V
2BB
Phone:
Fax:
Email:
Website:
+44 (0)207 778 9314
+44 (0)207 329 7555
[EMAIL="d.bain@fairfx.com"]d.bain@fairfx.com[/EMAIL]
www.fairfx.com
Notices: Payment services are not covered by the Financial Services Compensation Scheme. Other information: This firm also has a record under the Financial Services section of the Register

chattychappy

I don't think paying on a Visa delta card would give you any protection unless it was a particular feature of the particular card you hold.

Joey122

chattychappy wrote: »

Further confirmation from the FSA website

Basic details for:

488396 - FairFX PLC

Payment Institution status: Authorised Payment Institution Effective Date: 01/02/2010 Agent Status:
Effective Date:
Address: Marc House
13-14 Great St. Thomas Apostle
London
EC4V
2BB
Phone:
Fax:
Email:
Website:
+44 (0)207 778 9314
+44 (0)207 329 7555
[EMAIL="d.bain@fairfx.com"]d.bain@fairfx.com[/EMAIL]
www.fairfx.com
Notices: Payment services are not covered by the Financial Services Compensation Scheme. Other information: This firm also has a record under the Financial Services section of the Register

thanks - this means they are not covered right?

jonesMUFCforever

Yes it does mean that.

chattychappy

Yes - you are NOT protected for their general currency services.

But in the case of their currency card, they don't issue this themselves. They act as an introducer for issuer, the Newcastle BS. So that product would be covered since NBS is authorised for emoney etc. (ie regulated).

Joey122

chattychappy wrote: »

Yes - you are NOT protected for their general currency services.

But in the case of their currency card, they don't issue this themselves. They act as an introducer for issuer, the Newcastle BS. So that product would be covered since NBS is authorised for emoney etc. (ie regulated).

I have a FairFX prepaid currency card (Basically to avoid Ryanair charges) - I m still unclear as whether I am covered or not

chattychappy

Joey122 wrote: »

I have a FairFX prepaid currency card (Basically to avoid Ryanair charges) - I m still unclear as whether I am covered or not

The FairFX website says these are issued by Newcastle Building Society. If that was the case when you got it, then you are OK.

Suggest you look carefully at the reverse of the card / the T+Cs that came with it. Actually my earlier post is a bit inaccurate, because e-money isn't covered by the compensation scheme. But I can't see the Newcastle Building Society going bust without the Bank of England stepping in.

realaledrinker

The unused balance on your account is held in a separate escrow account which would not be part of the Newcastle BS funds in the event that they went bust.

However, any purchases are not covered by s75 of the Consumer Credit Act as these are not purchases made on credit.