- 31st August 2017
To be able to legally operate in the United Kingdom we have registered Moneyfold Ltd with the Companies House. We also need to comply with financial regulations. For example, on the level of the European Union there are directives, which are then implemented by each member-state in the form of national regulation. In the case of the United Kingdom, the relevant regulation is the Electronic Money Regulation or EMR. This is why we applied to the regulatory sandbox programme offered by the Financial Conduct Authority (FCA).
We submitted the initial application to the FCA’s sandbox in January 2017 and have spent the last few months making sure that we put in place relevant compliance procedures and safeguarding arrangements for client funds. All client funds are held in a segregated bank account and hence legally separate from our company funds.
Our hard work to date will culminate in October 2017 with the launch of our first product.