Safeguarding means that we have to keep all of your money in accounts that are completely separate from the ones we use to run our business. So, if anything were to happen to Remitix Limited, your money would be safe. Not only are your funds held in dedicated safeguarding accounts which Remitix Limited holds with banks in the UK, but we also use rigorous internal safeguarding measures and procedures designed to ensure that our customers, other counterparties, and the wider market are protected in the event of financial stress.
This ensures your funds are protected and can be returned to you in the unlikely event Remitix Limited stops providing its services. In this case, the process of returning any funds owed to you would be handled by a third party and not us. Safeguarding regulations make sure that once any costs related to this third party are paid, you will be paid from the safeguarding accounts before anyone else. This means that it may take a little longer for you to receive any funds that may be owed to you.
If you would like to know more about safeguarding, a helpful guide can be found on the FCA website.
What amount of funds are safeguarded by Remitix Limited to the benefit of our customers?
Remitix Limited safeguards not only the amount paid by you for remittance to a recipient, but also the Mukuru Money Transfer Service Fee, for the benefit of its customers, until the recipient receives payment of / collects the amount. The Mukuru Money Transfer Service Fee only becomes due to Remitix Limited upon the point of collection/receipt of the amount you remitted, by the recipient.
For purposes of Regulation 23 of the Payment Services Regulations 2017, Remitix Limited regards the amount paid by you for remittance to a recipient, plus the Mukuru Money Transfer Service Fee as “relevant funds” for purposes of safeguarding until payment of such funds has been made to, or collection of such funds has occurred (as the case may be), by the recipient."""