Sonali Pay UK Limited protects funds associated with its payment services by holding them in a Safeguarding Account at Crown Agent Bank, a credit institution. These customer funds are segregated from the Firm’s own funds and shielded from claims by any other creditors of SPUK. This ensures that the firm cannot use customer funds to settle its own liabilities, and in the event of the Firm’s insolvency, these funds will be allocated to repay customers, minus any costs incurred by the Firm’s administrator or liquidator during the insolvency proceedings.
Please note that these safeguarding measures apply solely to funds connected with the Firm’s regulated payment services and do not cover the Firm’s unregulated foreign exchange services. It is important to note that SPUK is not a banking institution and does not provide banking services.
The services that the firm offers are not therefore covered by the Financial Services Compensation Scheme (FSCS).Clients can contact Sonali Pay UK Limited or check the FCA website (https://www.fca.org.uk/consumers/using-payment-service-providers) to find guidance in deciding whether the level of protection the Firm offers is appropriate in their circumstances.