Legal Hub

Every legal information you need to know

  1. Terms of services
  2. Compliant

Terms of services

1. DEFINITIONS

  • “The Company”, “PFS”, “We”, “Us”, or “Our” – refers to PERSICI FINANCIAL SERVICES LIMITED.
  • “The Customer”, “You”, “Your”, “Payment Service User”, and “Account holder” – refer to every and any legal or natural person instructing PFS to conduct a Payment Transaction
  • “PSR17” – refers to The Payment Services Regulations 2017 in the United Kingdom
  • “MLR17” – refers to the Money Laundering Regulations 2017 in the United Kingdom
  • “DPA18” – refers to the Data Protection Act 2018 in the United Kingdom
  • “Regulations” – refers to All laws and regulations from time to time in force relating directly or indirectly to the buying or selling of currency, including, without limitation, the Money Laundering Regulations 2017 as amended, the Proceeds of Crime Act 2002 and the Payment Services Regulations 2017, multiple anti-terrorist legislation, the Fraud Act, Anti Bribery and Corruption Act, the Economics Crime Bill 2022 and any other legislation enacted to fight financial crime.
  • “Payment Transaction”, “Payment Order,” or “Order” – refers to the process of transferring funds or monetary value from one party to another in exchange for goods, services, or other obligations. In essence, it involves the movement of money between “the Payer” or “the Remitter” (the party making the payment) and “the Payee” or “the Beneficiary” (the party receiving the payment).
  • “Payment Operations” – refers to any activity conducted by You or Us regarding a Payment Transaction.
  • “Relevant Funds”– refers to the meaning given in Regulation 23 of the PSR17. These include sums received from or for the benefit of a Payment Service User for executing a Payment Transaction, as well as sums received from a Payment Service Provider for executing a Payment Transaction on behalf of a Payment Service User.
  • “Bank Business Day” – refers to a day on which the banks are open in the jurisdiction where the Payment Operation is being conducted.
  • “Company Business Day” refers to when the Company is open for business. The company is open except Sundays, UK Bank holidays, and pre-announced days.
    • The Company has the right to declare any day closed for business. However, if the Company wishes to exercise its right to close, it must make a public announcement.
    • The Company can not guarantee that all clients will be informed of such closure, but it will try to inform its customers via public and private channels.
  • “Bank Business Hours” – refers to the hours in which banks (of the country where the Payment Operations are taking place) are open for business on the Bank Business Days.
  • “Business Hour” refers to the hours of both the company business hours and bank business hours.
  • “Company Business Hours” – refers to the hours in which the Company is open for business on the Company Business Days. Currently, this is 9.00 AM to 5.30 PM Monday to Friday and 9.00 AM to 4.00 PM Saturdays. These times are subject to change. You must refer to the Company Website for more accurate information on our Business Hours.
  • “Business Day” – refers to a day that is both a Bank Business Day and a Company Business Day.
  • “DHM Format” refers to a period’s days, hours, and minutes format. When this format is used, the period is defined by the number of Days plus the number of hours and minutes. For example, 1D 3H 50M means ONE Day, THREE Hours, and FIFTY Minutes
  • “Business Time”- refers to calculating a period by considering a day as a Business Day (Defined by ‎10), and an Hour is an hour in the Business Hours, and a Minute is a minute in a Business Hour.
  • “Bank Transfer” refers to a method of payment that uses the national Real Time Gross Settlement System directly or indirectly to credit or debit an account held with a PSP that is directly or indirectly participating in the national payment system.
  • “Profile” or “Customer Profile” refers to all the information We hold that you have supplied to us.
  • “Account” – refers to a Payment Account, which is the account held in the name of one or more Payment Service Users and used to execute Payment Transactions.
  • “Payment Service Provider” or “PSP” – refers to a business entity that provides payment services to enable a Payment Service User to make or receive payments. PSPs include Credit Institutions (Banks and Building Societies), E-money Institutions, Payment Institutions, Governments, Post Offices, Giro Institutions, and Central Banks.
  • “Onboarding” – refers to initiating a new business relationship between Us and the Customer.
  • “AML” – refers to Anti-Money Laundering
  • “CTF” – refers to Counter-Terrorism Financing
  • “FCA” – refers to the Financial Conduct Authority of the United Kingdom
  • “HMRC” – refers to the His Majesty’s Revenue and Customs of the United Kingdom
  • “ICO” – refers to the Information Commissioner’s Office of the United Kingdom
  • “MSB” – refers to Money Service Business
  • “Agent” or “Authorised Agent” – refers to any legal entity that the Company authorises to act on behalf of the Company about the Customer.
  • “Authorised User” – refers to any third party the Customer nominates to act on the Customer’s behalf about the Customer’s relationship with the Company.
  • “Authentication Instrument” refers to protocols set between the Company and the Customer that allow the Company to authenticate individuals to validate the authenticity of the instructions given by the individual being authenticated.

2. ABOUT US

  • The company is incorporated under the laws of England and Wales under company number 10805038 and registered at 197E Hagley Rd, Birmingham, B16 9RD, United Kingdom.
  • The Company is registered with the FCA under PSR17 to carry out payment services activities as a Small Payment Institution (“SPI”). Our FCA Firm Reference Number is 812820.
  • The Company is registered with HMRC AML Supervision under the MLR17 for the activities of MSB with registration number XXML00000163487.
  • The Company is registered with the ICO under the DPA18 with registration reference number ZA906128.
  • PFS operates under trading names of “UK Exchange” and “Sarafi UK صرافی انگلستان”.
  • PFS also provides its services through its authorised agents, who may use different trading names. A primary example is PRIMORES GROUP LTD, Which Trades as “Sarafi Bartar صرافی برتر.”

3. SERVICES

  • The Company and the Customer agree to abide by the Terms of Use when the Customer begins using the Company’s Services. Therefore, reading the Terms of Use before using our Services is essential.
  • The Company’s Services includes:
    • FX Payment: The transfer of funds from a Payer in one country to a Payee in another. FX Payment usually involves converting currency.
    • Currency Exchange: Converting funds from one currency to another.
  • The provision of these services is considered as “Payment Transactions”.
  • We will not advise the Customer of the merits of a proposed Service or provide taxation advice to the Customer (although we may provide information to the Customer occasionally). When using our Services, the Customer must not treat any information or comments by Us or our Agents as advice and must rely only on their judgment.

4. SUBJECT

  • The Parties to these Terms of Use and participants in each transaction are You and the Company.
  • These Terms of Use describe and govern issues, rights, and obligations when using the Company’s services, including onboarding, using and closing your Account, and other related services referred to herein. They constitute the entire legal relationship between you and the Company, serving as the framework contract in the meaning of PSR17.
  • These Terms of Use are concluded indefinitely and may be terminated under the Termination clause below. They shall be provided to you in hard copy or via another medium at your request.

5. USING SERVICES THROUGH AUTHORISED AGENTS

  • Authorised Agents promote and market the Services of Us using their trading name, website, social media and contact details.
  • The same Terms of Use govern services rendered through Our Agents. This means that the terms outlined herein govern the PFS Customer’s business relationship regardless of whether they use an authorised agent.
  • When You are using Our Services via an Authorised Agent unless the Customer has agreed otherwise, the Agent will act on Your behalf in your business relationship with the Company. However, you may contact the Company directly, and You are not under any obligation to limit Your communication with the Company through one or more Agent(s).
  • When You use an Authorised Agent, the Agent receives compensation according to the volume of Payment Transactions the Customers initiate. Therefore, the pricing of our services may be different across different Agents.
  • The Company supervises the Agents to ensure adherence to the Company policies and procedures and consistency with our standards in the quality of Services delivered through the Agents.
  • If an Agent’s authorisation is discontinued, we will inform you using the contact details registered on your Account Profile as soon as possible.
  • The company is not liable for the use of no longer authorised agents.
  • If your Agent is no longer authorised, your Account will remain active, and you may continue to use the Company Services.

6. INITIATING A PAYMENT TRANSACTION

  • The Customer may give us electronic, oral or written instructions for a Payment Transaction (the ‘Order’). The Customer may authorise any other person (an ‘Authorised User’) to give Orders on its behalf, and the Company is entitled to act upon instructions that appear to be from the Customer or any Authorised User.
  • Following receipt of an Order, the Company shall, if it is willing to accept the Order, agree electronically or orally with the Customer the terms on which it is willing to enter into an Order and shall subsequently transmit electronically to the Customer an order confirmation (the’ Order Confirmation’) confirming the details of the Order (the ‘Order Confirmation’). The Order Confirmation may be part of a document with a different name, such as “Client Consent.”
  • Order Confirmation must contain the following information:
    • Pay-in Amount: The currency and the total amount the payer should pay. This amount is calculated by adding the relevant commission and deducting the appropriate discount from the Principal Amount.
    • Pay-out Amount: The currency and the total amount the Company is liable to pay the payer upon execution of the Order.
    • Principal Amount In The currency and amount that is being exchanged.
    • Principal Amount out The currency and the amount converted from the Principal Amount In.
    • Offer Rate: The exchange rate at which the Principal Amount In is converted to the Principal Amount Out.
    • Commission: The fees incurred for execution of the Order.
    • Discount: The amount of discounts awarded due to a promotional offer by the Company.
    • Valid Period: The period during which the payer has to settle the Pay-in Amount in Full. This period is shown in the DHM Format.
    • Settlement Period: The period the Company has to make the payment to the Payee.
    • Beneficiary: The legal entity who is receiving the payment.
    • Remitter: The legal entity who is making the payment.
    • Agent: If an Authorised Agent is used in initiating the Order, the legal name of the Agent will be included in the Order Confirmation.
    • Pay-out Method: is the method of payment used to pay the beneficiary.
    • Beneficiary Bank details: If the Pay-out Method is set as Bank Transfer, the Beneficiary’s Bank account information will be included in the confirmation.
    • Registration Date: The date that the order is registered.
  • Order Confirmation may include additional Information such as:
    • Client: The legal entity is the customer instructing the Order directly or indirectly via an Authorised User. This section contains the full name, Client number (reference number), Mobile number, and address.
      • If the Client’s instruction is received via an Authorised User, the Authorised User is shown as the Signatory or Guardian if the client is under 18; the legal guardian is considered the Authorised User.
    • Ultimate Remitter: The legal entity whom the remitter is making payment on behalf of.
    • Ultimate Beneficiary: The legal entity the beneficiary receives the payment on behalf of.
    • Service Terms and Conditions: Specific Terms and Conditions per clause ‎6.
  • Once the Company receives an order instruction, An Order is created for the Customer with “Registered” status. In this status, the customer may only Amend, Cancel, or Accept the Order. An accepted Order is marked as “Submitted”. A Submitted Order may not be amended.
  • Some Services rendered by us may be subject to specific Terms and Conditions that are not covered by these Terms of Use. These specific Terms and Conditions may be due to regulatory requirements or commercial constraints regarding the specific jurisdictions and payment methods involved in that Service.
  • If such specific Terms and Conditions were in place for the service you intend to use, we will inform you of these Terms and Conditions before you accept the order for submission.

7. AUTHORISATION & AUTHENTICATION

  • The Company may require you to authenticate yourself using one or more authentication instruments to register your Authorisation of certain actions, such as initiating a payment order, or in case we need to Authenticate you for the purpose of data protection and fraud prevention.
  • The Company may utilise different Authentication methods. These methods are in three categories:
    • Knowledge: Something only the user knows, like a password or PIN.
    • Possession: Something only the user possesses, such as a smartphone or hardware token.
    • Inherence: Something the user is, which typically involves biometrics like a fingerprint, retina scan, or facial recognition.
  • If the Company uses knowledge-based authentication, such as a password or a PIN, the Customer must keep the secret information (e.g., the password) safe and not share it with anyone. The customer accepts all liability arising from sharing such secret information.
  • If the Customer’s secret information is compromised, the Customer must contact Us immediately or as soon as possible to change the secret information.
  • The Customer must keep the possession safe if the Company uses Possession-based authentication, such as your smartphone. The customer accepts liability arising from authorised access to the possession utilised for authentication.
  • If the Customer’s possession is compromised, the Customer must contact Us immediately or as soon as possible to remove such possession from any authentication method.

8. PAYMENT OBLIGATIONS

  • The Company bears responsibility for the funds under processing; i.e., it is not liable for the funds before the commencement of the payment transaction and after the payment transaction is completed.
  • The Customer shall pay all payments due to the Company and processed under these Terms of Use in full.
  • You acknowledge and agree that the Company functions exclusively and autonomously as a payment intermediary. The Company neither makes representations nor provides assurances regarding the quality, safety, or legality of any product or Service acquired with funds transferred through its services.
  • The Company is not liable for any fees incurred to the Payer and/or the Payee by their respective PSPs as a result of making payment to or receiving from the Company.
  • The Customer is not liable for any cost incurred by the Company’s PSP due to receiving payment or making payments concerning the provision of Services.
  • The Company does not bear any liability due to any action of the Payer’s and the Payee’s PSP concerning payments made to the Company or received from the Company. This includes but is not limited to freezing funds, suspending or terminating the payment account, and imposing penalties.

9. PROFILE MAINTENANCE

  • You must ensure that the information provided and uploaded to your profile during the onboarding process or at any time after that is always accurate, truthful, and up to date. You shall notify us promptly, but not later than one month, of any changes in such information.
  • The Company shall not be liable for any loss arising from failure to do so. Per our AML / CFT obligations and internal procedures, the Company may ask you at any time to confirm the accuracy of your information or provide documents or other evidence.
  • You must not provide any name, bank account or credit card you are not legally authorised to use.
  • Reports, statements, notices, and other communications will be transmitted electronically via WhatsApp, SMS, Post or your registered email. All communications posted or sent shall be deemed transmitted by the Company when posted or sent and deemed delivered to you personally.
  • Suppose the Company has attempted to contact you using the contact details you supplied but cannot reach you. In such case, the Company reserves the right to terminate any transaction without prior notice to you promptly. This termination will be without prejudice to any other remedies available to the Company, and the Company will not incur any liability for taking such action. In the event of such termination, you may be held responsible for any losses resulting from it.

10. GENERAL TERMS OF PAYMENT TRANSACTIONS

  • After submitting an order, the Company will conduct necessary checks to ensure compliance with relevant rules and regulations. The Company may require additional information from the Customer before approving the order. The Company reserves the right to reject an order at this stage without providing any explanation to the Customer.
  • The Company may not process a Payment transaction without the Customer’s authorisation unless it is legally or contractually required.
  • The Customer acknowledges and agrees that any deposit for Payment Transactions (Orders) made to the Company after receipt of the Client Consent document is regarded as authorisation of the payment order details by the Customer.
  • The Customer may withdraw their consent to a payment transaction before the Company has executed the payment order.
  • The Pay-out amount shall be credited to the provided bank account by the end of the settlement period. The settlement begins when the company confirms it has collected the amount due from the Payer.
  • If any issues with the payment order are encountered, it will be placed on hold. The period when the payment order is on hold will not be counted in the settlement duration. Issues include formatting validation or compliance issues.If an order is placed on hold, the company will try to inform the client and resolve the problem as soon as possible.
  • The Company is not responsible for any delay in payment attributable to the late arrival of funds or payment instructions related to the bank’s cut-off times at which the Customer’s payment account is maintained.

11. Making Payment to Us

  • The Company may only receive payments for the provisions of Payment Transactions. Therefore, we may not receive funds to hold them.
  • The Company may only accept payments via a Payment Instruction issued by the Company, which gives instructions on how to pay us. A Payment Instruction may only be valid for a specified
    • Period
    • Payer
    • Paying Bank Account(s)
    • Receiving Bank Account(s)
    • Reference number
    • Minimum Amount per transaction
    • Maximum Amount per transaction
    • Total amount to be paid
    • Method of Payment (e.g. Cheque deposits are never allowed)
  • The company does not accept liability for payments made to us without valid Payment Instructions or for payments that violate the instructions.
  • If the Company receives a payment without valid Payment Instructions or a fee that violates the terms of a valid Payment Instruction, the Company reserves the right to deduct up to 10% of the total value received before refunding the amount to the originating account.
  • If the Company decides to refund a payment to Us, the refund may take up to 35 business days. The Company reserves the right to charge up to 10% of the amount received to process a refund.
  • A refund can only be made to the account from which the payment was received. Suppose the Company does not have access to the originating account information. In that case, the Payer is responsible for providing the company with the account information and proof that the payment received by the Company originated from the nominated account.

12. PROHIBITED TRANSACTIONS

  • Payment transactions that violate any law, statute, ordinances or regulations violates any law, statute, ordinances or regulations are prohibited.
  • Any commercial transaction will be investigated and might be prohibited by the company. Commercial transactions involve exchanging goods, services, or financial instruments for profit motives between participating business entities. A commercial transaction consists of buying and selling financial instruments, securities, or investment products to generate economic gain or profit. Parties engaging in financial commercial transactions may include banks, financial institutions, investors, or entities dealing with various financial instruments. These transactions adhere to legal agreements, including but not limited to contracts, investment agreements, or trading agreements, outlining the terms, conditions, and obligations governing the exchange.
  • The Company reserves the right to add categories of prohibited transactions at its sole discretion by adding them to these Terms of Use or an acceptable use policy.
  • Any payment to or from a US Person is prohibited.
  • A US Person is defined as:
    • Individuals:
      • US citizens (including minor children)
      • Lawful permanent residents (green card holders)
    • Entities:
      • Corporations, partnerships, and LLCs formed in the US
      • Trusts or estates established under US law
      • Any other entity not considered a “foreign person” (determined by specific regulations)
    • By accepting these Terms and Conditions, You agree and acknowledge that the Payment Transactions initiated by You are not prohibited.

13. INCORRECTLY EXECUTED PAYMENT TRANSACTIONS

  • To request a refund for an incorrectly executed payment transaction, you must notify the Company without undue delay after becoming aware of the incorrect transaction and, in any event, no later than the same working day before the transaction’s payout.
  • You are liable for any losses incurred in respect of unauthorised payment transactions arising;
    • from the use of a lost or stolen Authentication instrument or
    • where the payer has failed to protect the personalised security features of the Authentication instrument from misappropriation.
  • You are liable for all losses incurred in respect of an unauthorised payment transaction, where the payer;
    • has acted fraudulently; or
    • has failed to comply with its security obligations.

14. LIABILITY

  • In case of a transfer that was incorrectly executed due to an error by us, the Company shall, at your request, immediately refund the payment amount, including all fees deducted from that place. This shall not apply:
    • Where the incorrect payment arises from your failure to keep the Account Credentials safe per section 13. In this case, the Customer shall remain solely liable for all losses.
    • If you fail to dispute and bring the unauthorised or incorrectly executed transaction to our attention within five working days from the transaction date.
  • The Company will not be liable for loss or damage to you or any third party caused or resulting from any of the following:
    • an error in the payment transaction details provided by You, such as the payee’s information, the amount, or any other incomplete instruction.
    • any damages arising or resulting from a payee’s refusal to accept a payment made through the Company.
  • The Company is not liable for any charges or deductions made by a third party regarding processing your payment transaction.
  • The Company shall not be liable for any delay in payment transaction processing due to delays on the bank’s or other third parties ’ side.
  • The Company shall not be liable for non-performance of its obligations hereunder due to any event beyond its reasonable control, including any industrial action, an act of terrorism, an act of God, acts and regulations of any governmental or supranational bodies. The Company shall not be liable for any indirect or consequential losses, including but not limited to loss of profit, business, and reputation. The Company shall not be liable for any losses arising from our compliance with legal and regulatory requirements.
  • You agree to hold the Company and our other companies in our corporate group harmless from any claim, demand, expenses or costs (including legal fees, fines or penalties) that the Company incurs due to or arising from your breach of these Terms of Use, violation of any applicable law or regulation and/or use of the services. This provision shall survive the termination of the relationship between you and the Company.
  • Without prejudice to clauses above in these Terms of Use, the Company’s total aggregate liability to you incurred regarding the services shall not exceed the lesser of The amount of any service charge or £10,000 TEN THOUSAND POUNDS. Whichever is less.

15. GOVERNING LAW AND JURISDICTION

  • You agree that any civil action, arbitration, or other legal proceedings between the Company (including its employees or agents) and you arising from or related to these Terms of Use shall be conducted and resolved exclusively in a court located in England and Wales.
  • No action, regardless of form, arising from or relating to this Terms of Use or transactions hereunder may be brought by you more than one [1] year after the cause of action arose.

16. TERMINATION

  • These terms of use will remain in force until they are terminated. The Company may terminate them by sending the Customer reasonable notice of termination; however, this will not impact any previously completed transactions, release either party from any obligations outlined in these Terms of Use, or release the Customer from any obligations resulting from previously completed transactions related to these Terms of Use.
  • The Company may at any time suspend or terminate your Profile without notice if:
    • You breach any condition of these Terms of Use;
    • You violate, or the Company has reason to believe, that you violate any law or regulation that applies to your use of our services;
    • The Company has reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity;
    • It becomes or may become unlawful for the Company to fulfil or enforce all or any of its obligations under this Agreement or to continue providing the Service. This includes situations where the Company is requested to stop a transaction by any regulatory body or other authority with jurisdiction over the Company’s activities, whether the request is legally binding or if the Company, in its absolute discretion, deems it desirable or necessary for its protection.

17. INDEMNIFICATION

  • The Customer agrees to protect and compensate the Company, its employees, agents, successors and assigns for any losses, damages, costs, and expenses, including attorney’s fees. This applies if the Customer does not fulfil their obligations on time or if any statements they make are inaccurate. The Customer also agrees to quickly cover any costs and expenses, including attorney’s fees, that the Company incurs while enforcing these Terms of Use and other agreements with the Customer.

18. AMENDMENTS

  • The Terms of Use and related information on the Website represent the entire agreement between the parties and supersede all prior agreements. No waiver or amendment can be implied from any dealings or failure by the Company or its agents.
  • The Terms of Use are subject to amendment, modification, or deletion if required by law or regulation without affecting the remaining terms. If a court finds any part invalid or unenforceable, it is severed from the remaining terms.
  • The Company reserves the right to modify these Terms of Use at any time, with a reasonable notice sent before they take effect.

19. PRIVACY

  • The Company will produce and maintain a Privacy Policy, which will be publicly available on the Company website (https://pfs.ltd/privacy-policy). If the Privacy Policy conflicts with these Terms of Use, the Terms of Use will prevail.

20. ASSIGNMENT

  • The provisions of these Terms of Use shall be continuous. They shall inure to the Company’s benefit, its successors and assigns, and shall be binding upon you and/or your estate, your representatives, administrators and successors.
  • The Company may assign its rights and delegate duties to any or all transactions under this Agreement. However, You shall not delegate any obligations hereunder without the Company’s prior written consent, and any attempt at such delegation without such consent shall be void.

21. THIS IS A LEGALLY BINDING TERMS OF USE. YOU MUST CAREFULLY READ THE ABOVE IN ITS ENTIRETY.

  • Your consent acknowledges that you have carefully read and understood these Terms of Use and agree to all the provisions contained therein. Your consent further represents, warrants and certifies that the information you provided in the Customer Application process to open an Account is correct and complete.
  • Process of refund of transaction must be mentioned [AA1]

Compliant?

A complaint for this policy is defined as any oral or written expression of dissatisfaction whether justified or not, from or on behalf of a person about the provision of, or failure to provide, a financial service or a redress determination which:

  • Alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience; and
  • For the purpose of this Policy is not eligible within the meaning of Section 226(6) of the Financial Services and Markets Act 2000 (the Ombudsman Scheme – Compulsory Jurisdiction)

Procedure
PFS must ensure procedures are in place and apply adequate and effective complaint resolution procedures for the settlement of complaints from payment services users. These procedures must:

  • Be applied in very EEA State where PFS offers payment services;
  • Provided in English subject to agreement between PFS and the payment service user.

When PFS receives a complaint from a payment service user, the Firm must make every possible effort to address all points raised in a reply to the complaint on paper or, if agreed between PFS and the payment service user, in another durable medium.

Time limits

Keeping the complainant informed

On receipt of a complaint PFS must:

(i) Subject to (ii) immediately below, a reply must be provided to the complainant within an adequate timeframe and no later than fifteen [15] business days after the day on which PFS received the complaint; and

(ii) In exceptional situations, if a full reply cannot be given in accordance with (i) immediately above for reasons beyond PFS’s control, PFS must send a holding reply, clearly indicating the reasons for the delay in providing a full reply to the complaint and specifying the deadline by which the payment service user will receive a full reply;

(iii) The deadline specified under (ii) immediately above must not be later than thirty-five [35] business days after the day on which PFS received the complaint.

Ombudsman Services

Keeping the complainant informed

On receipt of a complaint PFS must:

(i) Subject to (ii) immediately below, a reply must be provided to the complainant within an adequate timeframe and no later than fifteen [15] business days after the day on which PFS received the complaint; and

(ii) In exceptional situations, if a full reply cannot be given in accordance with (i) immediately above for reasons beyond PFS’s control, PFS must send a holding reply, clearly indicating the reasons for the delay in providing a full reply to the complaint and specifying the deadline by which the payment service user will receive a full reply;

(iii) The deadline specified under (ii) immediately above must not be later than thirty-five [35] business days after the day on which PFS received the complaint.

Records keeping

Making and retaining records of complaints
PFS will make and retain records of complaints relating to the payment service business for a period of five years from the date of its receipt of the complaint. They will include:

The name of the complainant; The substance of the complaint; and Any correspondence between PFS and the complainant including details of any redress offered by PFS.

Reporting – When is a complaint closed?
A closed complaint is a complaint:

  • Where PFS has sent a final response; and
  • Where the complainant has indicated in writing acceptance of PFS’s responses.

Notification of contact point for complainants
The contact point can be by name or job title and may include, for example, a helpline telephone number however, it is recommended to remain consistent with this policy, that the Compliance Officer remains the nominated contact point at PFS for complainants.