AscendantFX UK, Limited (“Ascendant”) is an authorised payment institution (API), regulated by the Financial Conduct Authority (FCA) under the UK Payment Services Regulations 2017.
Unlike a bank, we don’t hold customer deposits. Instead, we protect your money using a process called safeguarding.
What is Safeguarding?
Safeguarding is a legal requirement that ensures your funds are kept safe and separate from our company’s own money.
Here’s how it works:
- Your funds are placed in a designated safeguarding account with a UK-regulated bank.
- These funds are kept entirely separate from our operational accounts.
- They remain protected until they are:
- Used to complete your payment, or
- Returned to you.
Safeguarding vs. FSCS Protection
You may be familiar with the Financial Services Compensation Scheme (FSCS), which protects bank deposits up to £85,000 per person.
What’s the Difference?
Safeguarding (Ascendant)
- Required by law for APIs
- Your money is held in a separate account
- Timing of payouts depends on processing
- No cap on protected amount
FSCS (Banks)
- Provided by government-backed scheme
- Payout typically within 7 days
- Compensation paid out from FSCS fund
- £85,000 cap per person per firm
- £85,000 cap per company
Safeguarding offers strong protection, but it isn’t backed by a government compensation scheme like the FSCS. Instead, it relies on firms strictly following legal requirements designed to keep your money safe. At Ascendant, we fully comply with these rules and are committed to safeguarding your funds under the supervision of the Financial Conduct Authority (FCA).
Learn More
Want to understand more about how your money is protected?
FCA: Safeguarding Your Money – Consumer Guide
Search the FCA Financial Services Register – Check Ascendant’s authorisation and regulatory status.
If you have any questions about how your funds are safeguarded, feel free to contact us.
