All the companies are registered with the Financial Conduct Authority and maintain segregated accounts for client funds.
Being registered is not the same as being covered by the compensation pool. The firm that went bust was also registered and that's why some clients thought it meant they would get compensation if the firm failed. Whenever using such a company, ensure they are covered by the regulator's compensation scheme or are authorised and playing by the rules, not just registered with the regulator. So please remember: 'registered' does not equal compensation if it goes t!ts up - it just means registered
Authorised firms undergo much greater scrutiny. They must "segregate" client money being sent to another person or company (keep it in a separate account). Firms do not have to segregate money received purely for a normal foreign exchange transaction..
Yes - they have to. Many are also backed by larger institutions.All the companies are registered with the Financial Conduct Authority and maintain segregated accounts for client funds.
No, not as far as I know, sorry. Registered is not the same as Authorised, and only Authorised ones are expected to segregate funds.
In any case, I think the OP means from Poland with a Poland based service. In which case, they need to check the compensation arrangements before sending from Poland.
Official page: fca.org.uk/firms/systems-reporting/register/use/differences
Note these are only some of the differences, not all.
...how your money is protected if a firm fails can depend on the type of firm you are dealing with, and whether it is authorised by us or registered...
If an authorised financial services firm is unable, or likely to be unable, to pay claims against it, you may be protected by the Financial Services Compensation Scheme (FSCS).
Payment services providers are not covered by the FSCS. However, authorised payment institutions must safeguard funds received from customers for payment services, to protect the money if the firm fails. Small payment institutions can choose to safeguard customers' funds - ask the firm whether it is doing so.
Just to say again: Registered is not the same as Authorised. Payment services providers are NOT covered by the FSCS (compensation scheme backed by the government in the UK) but are expected to segregate funds in some trading.
For the UK, the list of firms known can be checked here to see if they are Registered or Authorised. and note the Notice:
Payment services are not covered by the Financial Services Compensation Scheme.