/ Safeguarding funds

When funds are posted to your account, in line with regulatory requirements, the regulated [payment/e-money] institutions who we work with safeguard your funds. This means that the funds shown in your payment account or e-wallet are held at reputable banks or covered by an insurance policy, and most importantly, are protected for you in the event of our partner [e-money/payment] institutions’, or our, insolvency. Our partners stop safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.

If you require a breakdown of the exact amounts of funds you have safeguarded at each of our [e-money/payments partners] at a particular point in time, please do not hesitate to contact us.

/ About our payment providers

Cornerstone FX are partnered with Currencycloud who are FCA regulated (FCA registration number: 900797) as an e-money Institution. As an e-money institution Currencycloud fully safeguards funds with tier one credit institutions. As an Electronic Money Institution (EMI), Currencycloud, collect and store funds for clients, as well as facilitating FX conversions and processing outbound payments. Any funds held on a client's behalf, for the provision of a conversion or payment service, are subject to safeguarding - ensuring that your funds are always protected and can be issued back should Currencycloud go into administration or liquidation. Unlike holding money in a standard bank account, all of our clients’ funds are protected, regardless of the value. We separate clients’ funds from our company funds and safeguard them with tier one credit institutions. If Currencycloud was to become insolvent, the safeguarded funds would form an asset pool from which claims of the e-money holders (our clients) would be paid above those of other creditors. The authorized credit institutions have no rights over safeguarded funds of Currencycloud. Cornerstone FX are also a certified Benefit Corporation which means we’re counted among businesses that are leading a global movement for an inclusive, equitable, and regenerative economy. It also means we've made a legal commitment to never place our own interests ahead of yours, or any of our stakeholders. Currencycloud are trusted to transact over £20Bn annually by over 1.6 million customers, spread across over 1000 different service providers. They are the payments engine behind companies such as Revolut and Azimo who are focused on servicing the transactional consumer market. Cornerstone FX service the corporate segment who want the same great rates, but with the more traditional levels of service and expertise. This is why Cornerstone FX can offer all of the benefits traditional brokers and fintechs but with none of the drawbacks, all with the highest levels of security and unparalleled service. The diversified model of providing solutions to organisations serving different customer segments means that unlike a traditional currency broker, there is no reliance or risk placed on a small number of customers. Economies of scale and strength in numbers means better security, better technology and better rates.
 

/ We only work with FCA regulated partners

Currencycloud hold an e-money license enabling our clients to hold funds on account, and collect funds in from third parties into their own named currency accounts from all over the world. This is a step up in regulation from the standard API license held by the majority of traditional brokers. Unlike Banks, there is no limit to the amount of protection your funds have, your money is held in separate accounts with tier one banks. In the unlikely event of Currencycloud ceasing to exist, your money remains protected.

Less than half of traditional currency brokers currently hold an e-money license, does yours?

FinCEN Regulation

Payment Services for Cornerstone FX Limited are provided by The Currency Cloud Inc. Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011. The Currency Cloud Inc are registered with FinCEN and authorized in 22 states to transmit money.

CFSB – Community Federal Savings Bank

In the US Currency Cloud operates in partnership with CFSB to facilitate payments in all 50 states. CFSB fully owns the bank program and services are provided by The Currency Cloud Inc. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129)

/ Safeguarding Arrangements

All client funds are fully safeguarded by our FCA-regulated e-money partners at a tier one credit institutions.

/ Data Security

We use a market leading platform through our partner Currencycloud which is compliant with ISO27001.

/ Complaints

We're committed to putting our customers first and strive to achieve the highest possible standards of customer care at all times, however we understand that in the real world, everything doesn't always go to plan.

We are your first port of call for any queries or concerns, including complaints, please submit any complaints to complaints@cornerstonefx.co.uk or by calling us on +44 (0) 20 8004 2234.

We will acknowledge your complaint within 24 hours, and we will handle these complaints in line with our complaints process. We generally resolve complaints within 15 business days. In exceptional circumstances, where we are unable to issue a final response within 15 business days of receipt of the complaint, we have up to a maximum 35 business days from the date of receipt to issue a final response.If a complaint needs to escalated or falls under exceptional circumstances, you will be notified by a member of our team. If, for whatever reason, you are unhappy with our response, you can request further assistance from the relevant government body.

If you are resident in the UK you can contact the Financial Ombudsman Service (FOS) either by mail, using an online form or telephone. Further details and how to contact FOS can be found here.

We work with Currencycloud, who ultimately provides you with regulated payments and e-money services. Currencycloud has certain obligations as a regulated financial services institution, including around complaints. We keep them informed of the complaints we receive from you regarding the regulated payments and e-money services they ultimately provide to you. They oversee how we handle complaints to ensure we do this to the
standard required under the regulations. However, if for any reason your complaint regarding your payments and e-money services has not been acknowledged or dealt with by us, or if you have concerns about the way it has been handled, Currencycloud’s complaints information can be found here.