An honest statement about client funds.
As a Small Payment Institution, Persici Financial Services is exempt from the safeguarding requirements of the Payment Services Regulations 2017. We disclose this clearly to every customer before they transact.
What this means in practice
Authorised Payment Institutions and Electronic Money Institutions are required by law to hold customer funds in segregated client accounts at credit institutions, ring- fenced from the firm's own assets. Small Payment Institutions are exempt from this requirement. Persici Financial Services has availed itself of that exemption.
Funds handled during the remittance process are not segregated under the PSRs 2017 regime. In the event of the firm's insolvency, customer funds may not be protected.
Operational mitigants
Our business model is predicated on rapid settlement: funds are typically paid out to the beneficiary within a short window of receipt. We do not hold large client balances for extended durations.
We maintain conservative operational controls and reserves proportionate to the firm's size and the volumes we handle.
Customer acknowledgement
Customers acknowledge this disclosure as part of our onboarding flow and again on every transaction. The disclosure is reproduced in our Client Terms & Conditions and is available at any time on this page.