If you need to transfer money to your own overseas account or to other businesses and employees abroad, you can find an online specialist currency transfer firm such as Universal Partners FX who will offer competitive exchange rates and cost-effective transfers. In a volatile and fast-moving market, it is best to choose a reliable currency transfer company who can keep up and provide consistency and security.

How to determine your currency transfer firm is reliable and reputable?

First, it is good to check whether your currency transfer provider is authorised and regulated by a recognised authority or regulator. In the UK, the specific legal body and authority of overseeing the financial services sector is the Financial Conduct Authority (FCA). A currency transfer company, for example, is obligated to make sure that their client funds are secure at all times, and it does so by keeping them separately from the firm’s own funds.

The FCA regulates the conduct of around 51,000 businesses. They are the prudential supervisor for 49,000 firms and sets the standards for around 18,000 firms. Established on 1 April 2013, the FCA took over responsibility for conduct and prudential regulation from the Financial Services Authority.

The FCA’s responsibility is to protect consumers such as yourself, as well as safeguard the integrity of the UK financial system. As an independent public body funded by the firms they regulate, they are accountable to the Treasury and to Parliament.

Avoid using your Bank

Don’t rely on your bank. From high costs and fees and high margins on exchange rates, your bank is not the ideal partner when sending funds. Instead find a reputable money transfer provider, like UPFX who can offer tailored assistance, competitive exchange rates and secure and fast delivery of your funds.

Monitor the markets

If you are sending funds regularly then you need to check what is happening in the financial markets and how the currencies you are exchanging could be affected by economic news and events. As a business, you want to make sure that you are not losing money when transferring your funds overseas, especially if you send big amounts of money to pay partners or employees overseas. To make sure you know which time is the best to transfer your funds, check an economic calendar or ask your currency transfer specialist. UPFX has a dedicated team to help you with any enquiry and publishes expert market insight on its website. Currency volatility is usually common before or after major Central Bank announcements or the release of important economic data such as inflation data, PMIs and employment figures.

Manage your risk

Again, your currency specialist can explain to you about the various risk management tools available to you and which ones you can use for your specific needs. A forward contract, for example, gives you the opportunity to secure today’s rate for a future transfer, so you can control what exchange rate you will get and how much it will cost you to transfer your funds.

Trading internationally? Save money with Universal Partners FX

If you are intending to start an international business or you are already dealing with international money transfers, you will need a cost-effective way to manage your overseas currency transfers. Universal Partners FX is the right partner for your foreign exchange. With UPFX, you can open a multi-currency account, send and receive money worldwide with low and transparent fees. You can also manage your money and send international payments 24/7 through UPFX’s easy-to-use online platform powered by Currency Cloud.

If you are an exporter or plan to start your international business, get in touch now with Universal Partners FX to find out how much you can save in your international money transfers.

What is the FCA

 

If you are involved in the financial services industry, chances are that you have come across the initialism of FCA.

In this context, FCA refers to the Financial Conduct Authority – the UK’s financial watchdog tasked with keeping an eye on the financial business across British shores.

 

What is the FCA?

In a nutshell, the Financial Conduct Authority (FCA) is an independent regulatory body that provides regulatory services to the financial services industry in the UK.

Despite operating completely separately from the government, the FCA is the conduct regulator for over 59,000 financial services firms and financial markets in the UK.

 

About the FCA

Following the perceived failure of the banks during the infamous financial crisis of 2007/2008, the UK government conceded that restructuring was necessary for the field of financial regulation.

 

What Does the FCA Do?

According to the official FCA website, the primary operational objectives of the authority are to protect consumers, protect the integrity of the financial markets and promote effective competition between financial service providers in the best interests of the consumer.

With an extensive remit that covers a wide range of stakeholders, the FCA takes a proportionate approach to regulation, prioritising those that pose a higher risk to their objectives in pursuit of maintaining their goals.

 

The FCA and HM Treasury

Despite being a sovereign entity acting independently from the government, the FCA is still accountable to HM Treasury. The purpose of this is to ensure that the work of the FCA helps the financial market remain honest, fair and effective, with the ultimate aim of keeping the industry stable.

This condition is outlined in the Financial Services and Markets Act 2000 (FSMA). The FSMA notes that the Treasury may make recommendations to the FCA at any time about aspects of the economic policy it deems necessary of consideration, provided written notice is given.

This includes how to act in a way which is compatible with the FCA’s strategic objective and how to advance one or more of its operational objectives, in addition to other criteria outlined in the FSMA.

 

The FCA and Universal Partners

By now you may be wondering “What does all this have to do with Universal Partners FX?” The answer to that question is quite simply “a lot”.

Universal Partners FX currency exchange services are provided by The Currency Cloud Limited. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money.

As a financial service that operates under the jurisdiction of the FCA, Universal Partners is bound to adhere to the FCA objectives of competitive, consumer-protected activity, meaning that consumers can rest assured they are getting a safe, secure and fair service.

For more information on our services or any FCA queries relating to us, why not drop us a line today? Call now on 020 7190 9559 or get in touch online by clicking the button below.

Contact Us >