How does Teya ensure that customer funds are not misused?
Teya Solutions Ltd. (“Teya”) is an Electronic Money Institution authorised by the Financial Conduct Authority, and as such, is subject to strict regulatory requirements, including extensive safeguarding obligations. Detailed records of all customer funds are maintained and Teya conducts an external audit on an annual basis. This independent audit assesses our safeguarding framework against our regulatory and legal obligations, ensuring that our processes meet the relevant requirements for protecting member funds.
What does Teya do with my money?
Teya safeguards merchant funds in line with relevant regulations. Customer funds are either safeguarded by holding them in ring-fenced accounts, separate from Teya’s own funds, or covered by an insurance policy.
What happens to my funds if Teya experiences financial difficulties?
In the unlikely event of financial difficulties or insolvency, safeguarding regulations ensure that customer funds remain protected. Specifically:
- For funds held in the segregated accounts, they are kept separate from Teya operational funds and business activities, and members will be able to reclaim their funds without interference from company creditors.
- For funds covered by the insurance policy, the relevant insurance providers are liable to pay out the funds in the event of an insolvency.
The only amount that can be deducted from merchant funds relates to the liquidator’s costs of distributing the funds.
How can I have confidence in Teya’s safeguarding processes?
At Teya, we take safeguarding very seriously and have implemented processes and procedures to protect customer funds, in compliance with the relevant regulations. We engage an independent third-party auditor on an annual basis to conduct a thorough review of our safeguarding processes. This independent audit assesses our safeguarding framework against our regulatory and legal obligations, ensuring that our processes meet the relevant requirements for protecting member funds.