Easyfx

ayeepee

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
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

If they can't set up their trading affairs correctly........

eDicky

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MSE_JC

Hello,

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under its E-Money licence (No: 900530) following approval by the FCA in May 2011, which meant its previous license was superseded and made non-active (as you have identified).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."