Safeguard Customer Funds

AB Plus, Safeguards customer fund.

For our UK clients sending funds by using our AB Plus services or holding funds in the AB Plus account, in keeping with AB Plus's regulatory obligations, we "safeguard" our customers' money in a join of cash in large commercial or central banks. The customer money is kept separate from the company money we use for running our business; or

invest it in low-risk assets which are also kept in dedicated client accounts with financial institutions.

We aren't a bank, which means our electronic money and payment services aren't liable to be subjected to the Financial Services Compensation Scheme (FSCS). (Because it's safeguarded instead).

In terms of the time at which we receive the fund for you or receive the fund you credit depends on how we receive it:

The inbound bank transfer method will notify us when the fund arrives in our bank account. E-Money will be issued straight away to your account, once we receive your fund.

The safeguarding method is working as long as your funds remain until you pay it out. This occurs when you credit or debit the funds using AB Plus facilities, send it to another bank account or other AB Plus facilities, or spend it in any other way. This method would also help protect you in case you became insolvent. If this were to occur, you (including all other customers) would be paid out your remaining e-money balance from our client money bank account. This would be processed by an insolvency practitioner, not by our officer. However, the safeguarding regulations are designed to ensure that you receive payment from our client's funds as soon as any costs relating to an insolvency have been reimbursed.