REGULATION TERMS EXPLAINED
FCA Authorised Firm
A large firm trading over €3 million (£2.4 million) a month, must be authorised by the Financial Conduct Authority (FCA). Each day, at the close of business, these firms separate your money from the firm's own accounts (known as ringfencing). This protects your cash, so you will get it back if the firm gets into difficulty. Racing FX is an FCA Authorised Firm and holds all client funds in segregated accounts at a major UK bank at all times so as to ensure that client money is never at any risk.
FCA Registered Firm
Smaller firms can choose to be FCA registered. This means there's no safety process if something goes wrong with the firm, meaning your money isn't protected. Racing FX is not an FCA Registered Firm.
HMRC Registered Firm
HMRC is the supervisory body for all Money Service Businesses under the Money Laundering under the Money Laundering Regulations ensuring firms are acting with the money laundering rules. It does not however provide any protection or management over segregation of funds, that function is performed by the FCA only so firms that are HMRC registered but not FCA Authorised do not provide any security over client money.