Regulated Products & Services

What we are authorised to do — and what that means for you

Equals operate through several regulated entities in the UK. Each entity holds a separate authorisation from the Financial Conduct Authority (FCA), permitting it to offer specific regulated products and services. This document sets out the regulated permissions held by each entity.

Coming from railsr.com? If you hold an account, card or payment service via Railsr, these regulated products and services are provided by PayrNet Limited, part of Equals now.

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Regulated Entity Details

The following sets out the registration and authorisation details for each regulated entity.

Equals Money PLC (“EMPLC”)

Registered in England & Wales · Company No. 05539698 · 3rd Floor, Vintners’ Place, 68 Upper Thames Street, London EC4V 3BJ

Regulator: Financial Conduct Authority (FCA)
Authorisation type: Authorised Payment Institution (API)
FRN: 488396

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Equals Money UK Limited (“EMUK”)

Registered in England & Wales · Company No. 06268340 · 3rd Floor, Vintners’ Place, 68 Upper Thames Street, London EC4V 3BJ

Regulator: Financial Conduct Authority (FCA)
Authorisation type: Authorised Payment Institution (API)
FRN: 504547

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Equals Money International Limited (“EMIL”)

Registered in England & Wales · Company No. 09558664 · 3rd Floor, Vintners’ Place, 68 Upper Thames Street, London EC4V 3BJ

Regulator: Financial Conduct Authority (FCA)
Authorisation type: Authorised Electronic Money Institution (EMI)
FRN: 900493

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PayrNet Limited (“PRN”)

Registered in England & Wales · Company No. 09883437 · 3rd Floor, Vintners’ Place, 68 Upper Thames Street, London EC4V 3BJ

Regulator: Financial Conduct Authority (FCA)
Authorisation type: Authorised Electronic Money Institution (EMI)
FRN: 900594

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Roqqett Limited

Registered in England & Wales · Company No. 12330839 · 3rd Floor, Vintners’ Place, 68 Upper Thames Street, London EC4V 3BJ

Regulator: Financial Conduct Authority (FCA)
Authorisation type: Authorised Payment Institution (API)
FRN: 925174

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Safeguarding

All regulated entities are required to safeguard relevant funds (i.e. client money) and keep it separate from their own funds.

The entities do so by the method of segregation: relevant funds are held in specifically designated safeguarding client accounts with Tier 1 banks in the UK. PRN supplements this method with a safeguarding insurance policy as well.

Equals and Tier 1 banks do not have any interest in, our recourse or right against the money in the safeguarding accounts for any sum owed to them, or owed to any third party, on any other account.

Tier 1 banks are required to release on demand all client money standing to the credit of the safeguarding account upon proper notice and instruction from Equals or a liquidator, receiver, or administrator or trustee (or similar person) appointed for us in bankruptcy (or similar procedure) in any relevant jurisdiction, except for as permitted by law otherwise.

Equals arrangements for safeguarding accounts with Tier 1 banks are governed by the laws of England and Wales and kept separate from Equals’ own funds in line with Regulation 23 of the Payment Services Regulations 2017, Regulation 20 of the Electronic Money Regulations 2011 and the FCA’s CASS 15 rules.

If the regulated entities were to become insolvent, safeguarded funds would form a separate asset pool from which customers are paid ahead of other creditors; the costs of distributing that pool may be deducted from it and repayment may take time.

Some e-money is issued by PRN through the agents’ arrangements, which makes its regulated products and services available to agents’ underlying customers under a separate commercial arrangement.

If you hold an e-money account or card provided to you through such an arrangement, PRN remains the electronic money institution responsible for safeguarding the relevant funds. You should refer to the terms and conditions provided by the business you contracted with for further details of how this applies to your account.

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Foreign Exchange (FX) Services

Regulated: Where currency conversion is provided in connection with the execution of a payment transaction, it forms part of the payment services that Equals is authorised to provide under the Payment Services Regulations 2017.

Not regulated: Equals also offers foreign exchange services that are not regulated payment services — including spot currency conversions and MiFID-exempt deliverable FX forward contracts.

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General Information

No Deposit Protection

The Equals entities mentioned in this document are not banks or credit institutions and are not covered by the Financial Services Compensation Scheme (FSCS). Customer funds are protected through the statutory safeguarding regime applicable to payment institutions and electronic money institutions under the UK law and the FCA rules.

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Regulatory Status Verification

You can verify the authorisation status of each entity at any time by searching the FCA Financial Services Register at register.fca.org.uk.

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Updates to This Document

This document is reviewed periodically and updated to reflect any changes to the Group entities’ regulatory permissions.