Safeguarding of funds
Last updated: Feb 6 2024
Safeguarding your funds – Your peace of mind
At Mimo, we take the security and protection of your funds incredibly seriously. Your electronic money, referred to as "Protected Money," is held and safeguarded in strict compliance with UK regulations and our terms and conditions. Rest assured, we prioritize the safety of your funds above all else.
Stringent Separation: Mimo, in partnership with Currencycloud, maintains a robust safeguarding strategy. Your Protected Money is held in separate bank accounts, completely isolated from all operational and business accounts. This separation ensures that your funds are ring-fenced, providing an additional layer of security.
Added Insurance Coverage: To further enhance the safeguarding of your assets, we explore the possibility of additional insurance coverage. This added layer of protection ensures that your funds are shielded from any potential risks or unforeseen circumstances.
Protection from Creditor Access: In the unfortunate event of insolvency or financial claims, your Protected Money remains insulated from any creditor access. This means that your funds are safeguarded and cannot be utilized to settle any external obligations, putting your interests first.
Exemption from Financial Services Compensation Scheme: It's important to note that while your funds are comprehensively safeguarded, they are not covered by the Financial Services Compensation Scheme. We want to provide absolute clarity about the scope of this protection to manage your expectations accurately.
Forward Contracts and Margin Payments: When you initiate a transfer for a Forward Contract deposit or Margin payment, it's essential to understand that Currencycloud owns the funds and their associated rights during this process. However, these funds do not fall under the category of Protected Money. They are utilized exclusively to fulfill payment obligations and do not enjoy the same regulatory protections or contractual safeguards.
Interest Accrual: It's important to be aware that Currencycloud does not pay interest on Protected Money. Any interest earned on these funds may be retained by Mimo to support the operational aspects of our service.
At Mimo, our commitment to safeguarding your funds is unwavering. We strive to ensure the highest level of transparency and security in all our financial operations. Your trust is paramount to us, and we remain dedicated to upholding the highest standards to protect your financial interests.