Safeguarding Funds

Effective Date: September 2025 (Version 1.0)

Introduction

As an Authorised Electronic Money Institution (“EMI”), VFX is required to take certain steps to make sure that we protect your money. This process is known as safeguarding. VFX believes that protecting your money is our highest priority, and we believe that it is important that you understand how we do this on your behalf.

What is Electronic Money?

When you transfer money to our VFX bank account, we issue an equivalent amount of electronic money on to your account at VFX (also known as e-money). You can then use this electronic money to perform foreign exchange conversions, make payments or load your payments card.

How do we Protect your Money?

The electronic money account you hold with VFX is not a bank account and this means that your money is not protected by the Financial Services Compensation Scheme (FSCS) but instead it is held in trust and we do not use your money for our own business purposes nor do we lend it to other customers.

When we issue electronic money onto your account, we will:

• Place your funds into a segregated account with a UK high street bank; and keep these funds completely separate from our own money. These accounts are known as Safeguarding Accounts and are entirely ringfenced.

• Ensure that our banks recognise these accounts as being Safeguarding Accounts in writing and confirm they have no right of set off.

• Carry out a daily reconciliation of our Safeguarding Accounts to ensure we hold the correct amount of funds.

For payments going through GC Partners, funds are safeguarded by our FCA-regulated e-money partners at a credit institution.

Each year, we appoint an external expert to carry out an independent audit on how we comply with safeguarding requirements.