ayeepee Forumite Posts: 1 Newbie
edited 27 June at 3:29PM in Credit cards
I've just applied for an Easyfx account to get their OneCard to use on travel spending. I have just checked the FCA registration number for the company (VFX Financial plc) 541092. The FCA website is a bit confusing. It says

PSD Status
Cancelled - Authorised PI This is firm that can no longer provide payment services

The FCA effective to date is shown as 21.06.2016, but then shown separately as effective from 21.06.2016.

The FCA website goes on to say

An authorised firm will have permission to provide certain regulated products and services.

Requirements are rules placed on the firm that apply to all of the financial services activities that it can operate.
  • This firm has no requirements

Payment Services
2. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account.3. Executing payment transactions (no credit line)6. Money remittance.

I'm assuming that this means that the company is now trading illegally, or at least I am not protected if the company was to disappear with my money? Should I steer well clear?

Any help or advice is much appreciated!


  • cooltt
    cooltt Forumite Posts: 852
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    If they can't set up their trading affairs correctly........
  • eDicky
    eDicky Forumite Posts: 6,384
    Eighth Anniversary 1,000 Posts Name Dropper
    For better rates and versatility use Revolut:

    Evolution, not revolution
  • MSE_JC
    MSE_JC Community Admin Posts: 73
    Second Anniversary 10 Posts Name Dropper Photogenic
    Community Admin

    We've been contacted by the company in question, and they've provided the following response which we're posting on their behalf:

    "Hi there, and sorry for the very tardy response! We have recently employed a new digital marketing expert, and she surfaced this review which we had previously missed. We should have been much more attentive. That aside, we just wanted to clarify the above. 

    In 2011 VFX Financial plc (owner of EasyFX) upgraded its FCA license, from a payments license to a more comprehensive electronic money license. VFX has operated under its E-Money licence (No: 900530) following approval by the FCA in May 2011, which meant its previous license was superseded and made non-active (as you have identified). 

    We agree that the FCA website is a bit confusing – but if you search for either our active number (as above), or by our name “VFX Financial Plc”, you should find all the information you require. If not, please get in touch directly to ask any questions, we will be more than happy to help."

    Official MSE Forum Team member.
    Please report all problem posts to [email protected]
This discussion has been closed.
Meet your Ambassadors


  • All Categories
  • 338.8K Banking & Borrowing
  • 248.6K Reduce Debt & Boost Income
  • 447.6K Spending & Discounts
  • 230.7K Work, Benefits & Business
  • 600.9K Mortgages, Homes & Bills
  • 171.1K Life & Family
  • 244K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards