Regulation and safeguarding
Who we are, who regulates us and how your money is protected.
Authorisation
- Legal entity
- Bureau Buttercrane Ltd
- Trading name
- TransferLab
- FCA status
- Authorised Payment Institution, FRN 747167
- Company number
- NI603454
- Registered office
- Unit 20, Buttercrane Shopping Centre, Newry, BT35 8HJ
What being regulated means for you
When you register, we verify your identity, address and the details of your transactions. Most checks happen in the background, but we may ask you for documents.
We have systems in place to detect and prevent money laundering and terrorist financing, as the law requires.
We hold at least the minimum capital the FCA requires, plus reserves to keep the business financially stable.
Our systems and internal controls are designed to protect against fraud, misuse, negligence and poor administration.
The FCA assesses our directors and managers as fit and proper, including their honesty, integrity, competence and financial soundness, and must be told of any changes.
How your money is safeguarded
TransferLab safeguards customer funds used for payment services (such as money remittances where funds are forwarded to a third-party beneficiary) in accordance with the Financial Conduct Authority’s (FCA) safeguarding requirements. In simple terms, safeguarding means that where we receive money to send to someone else on your behalf, that money is kept separate from our own business funds and protected if TransferLab were to become insolvent.
As an authorised payment institution, we are required to safeguard relevant customer funds by holding them in segregated client accounts, separate from our own operational accounts. These accounts are clearly designated as client accounts and are protected in the event of TransferLab’s insolvency.
Our safeguarding obligations are set out in the Payment Services Regulations 2017 and the FCA’s rules and guidance, which explain how authorised payment institutions must identify, segregate and protect client funds.
Safeguarding applies as soon as funds are identified as client money received for the purpose of executing a payment transaction. If these funds are held by TransferLab beyond the end of the business day following receipt, they must be transferred into a designated safeguarding account. Safeguarding continues until the funds have been paid to the intended recipient and TransferLab can reasonably confirm that they have reached the recipient’s bank account.
Where client funds are safeguarded, they benefit from protection measures designed to secure them in the unlikely event of TransferLab’s insolvency. Safeguarded funds are held separately from our own money and are not used for any business purposes.
Important information for customers
- Only funds received for onward payment to a third-party beneficiary are safeguarded.
- Funds received solely for foreign exchange transactions where money is returned to the same customer are not safeguarded.
- Safeguarding is a regulatory protection mechanism and is not the same as deposit protection. Safeguarded funds are not covered by the Financial Services Compensation Scheme (FSCS).
- Safeguarding applies only while funds are held by TransferLab before being paid to the intended recipient.