Safeguarding your funds

At iBanFirst, the security of your money is our top priority. As a regulated Electronic Money Institution (EMI), we follow strict safeguarding procedures to protect your funds. This page outlines how we ensure your money is safeguarded and the steps we take to comply with legal and regulatory obligations. 

What is electronic money? 

When you transfer money to our bank account, we issue an equivalent amount of electronic money onto your account at iBanFirst (“e-money”). You can then use these funds to make payments and perform foreign exchange transactions.  

What is safeguarding? 

Safeguarding refers to the process we have in place to protect your money in line with our legal and regulatory obligations. As an EMI, we are required to ensure that customer funds are always kept separate from the funds used for our own business activities. This ensures that your money is protected and available for you at any time. 

How we safeguard your money 

All client money is held in segregated accounts and will not be used for our own business purposes, nor can we lend or invest your funds:  

• Segregated accounts in authorised institutions
  We place your funds in segregated accounts with authorised financial institutions. These accounts are entirely separate from our own business accounts, ensuring that your money is protected at all times. 
• Daily reconciliation
  We perform daily reconciliations to ensure that the amount of funds we hold in our safeguarding accounts matches the total value of our customers’ funds. This helps us ensure the accuracy and safety of your money.
• Regulatory compliance
  We adhere to the safeguarding regulations set out by the Financial Conduct Authority (FCA) and other relevant regulatory bodies. This ensures that we are always compliant with industry standards for the protection of customer funds.
• No risk of lending
  As an EMI, we are not permitted to lend or invest the funds we hold for our customers. This ensures that your money remains safe and accessible at all times.
• Audits and oversight
  Our safeguarding processes are regularly audited by both internal and external parties to ensure that we maintain the highest standards of compliance and protection. 

Please note that the account you hold with iBanFirst is not a bank account and this means that your money is not protected by the Financial Services Compensation Scheme (FSCS).  

What happens in the event of insolvency? 

In the unlikely event that we experience financial difficulties or insolvency, your funds will be protected. Our segregated accounts ensure that your money remains separate from our business operations, meaning that it is not accessible to creditors. This process is closely regulated by the FCA to ensure that your money is returned to you as quickly as possible. 

Keep your account safe  

While we take every precaution to protect your funds, there are also steps you can take to safeguard your personal information and prevent unauthorised access: 

• Use strong unique passwords: use a combination of letters (uppercase and lowercase), numbers, and special characters. 

• Only share sensitive information with authorized representatives: we will never ask for your password or security details over email, phone, or social media. 

• Regularly monitor your account:  check your transaction history for any suspicious behavior. 

• Beware of phishing scams: phishing is one of the most common methods hackers use to gain access to your account. Scammers send fraudulent emails or messages that appear to be from legitimate sources, tricking you into sharing personal information. 

• Secure your devices: keep your computer, smartphone, and other devices up to date with the latest security patches and updates. 

• Keep your contact information updated: make sure that your contact information, such as your phone number and email address, is always up to date in your account settings. This allows us to notify you promptly in case of suspicious activity or security updates 

• Report any suspicious activity: if you suspect that your account has been compromised or notice any unusual activity, contact our support team immediately. 
  

Contact us 

If you have any further questions about how we safeguard your funds or would like more detailed information about our safeguarding policies, feel free to reach out to our dedicated support team at info-uk@ibanfirst.com. We are always here to provide clarity and ensure your money remains safe and secure.