Which types of transaction must be safeguarded?

In PSRs, safeguarding applies to what are described as ‘relevant funds’. These are defined as sums received:

• from, or for the benefit of, the Payment Services User for the execution of a payment transaction, and
• from another Payment Services Provider (either a bank or non-bank) for the execution of a payment transaction on behalf of a Payment Services User

Consequently, Freemarket is obliged to safeguard any monies you transact through us including bank transfers and withdrawals. Freemarket’s own funds must be held in different operational bank accounts.

Similarly above, Freemarket Ireland under the PSR 2018 is obliged to safeguard “user’s funds” in the same way.

For more information on our safeguarding processes please see our other articles on the subject here.