TorFX
TorFX is now FSA Regulated
TorFX were pleased to announce that it is now authorised and regulated by the Financial Services Authority under the Payment Service Regulations 2009 (registration 517320).
Last year the Payment Service Regulations 2009 came into force on November 1st, regulating the way that companies in the UK provide payment services. Due to the size and continuing growth the company, TorFX would have been required to have been authorised by April 2011. However, as TorFX has always traded with the required systems and safeguards in place, the directors decided to apply at the earliest opportunity.
Authorised companies (known as Payment Institutions) are required to meet the FSA’s capital adequacy test, and maintain capital resources above a defined level at all times.
They are also subject to strict rules governing the safeguarding of client funds, and to demonstrate controls and risk management practices that are consistent with the FSA’s requirements. TorFX have always prided themselves on offering excellent exchange rates, personal service and security of funds for all of our clients. The services we offer will not change, except for the additional peace of mind that you are dealing with a company that meets the FSA’s stringent criteria for authorisation.
Managing director Jon Beddell said to Compare Money Transfer; “TorFX is delighted to be authorised for the provision of payment services, and consumers will surely benefit from the FSA’s regulation of our industry. Demand for our services continues to grow, and this development helps to further enhance our position as a secure alternative to the high street banks when making international payments.
TorFX offers a personalised service, with some decent benefits. Rather than going through the usual channels such as your bank for foreign exchange, they can offer you better ‘wholesale’ rates – However this is only on amounts greater than £5000
Their ability to fix the rate for up to 2 years is also very appealing, so you will avoid any negative affects of market fluctuation. You won’t be charged any commission either.
It’s worth taking note that if you do not have UK residency, it will take longer to set up your account.
Overall, TorFX offer a very competitive service for those looking to exchange larger amounts of money. They make a point of employing expert staff and you will get your own account manager. But with the benefits really only applying to transactions over £5000, it may not be for everyone.
Tags: international payments, Jon Beddell, payment service regulations, TorFX