SAFEGUARDING OF CLIENTS’ FUNDS POLICY
As a regulated Company we are required by the Regulator (Financial Services Authority Seychelles) to open a Segregated account to ensure that the clients’ funds are safe.
Segregated account is a bank account or securities account in which a customer’s funds are held separate from the funds of a brokerage firm. The law requires that a broker must hold separately, in separate accounts on the broker’s books, securities it holds for its customers from securities of the broker itself. This is done to create a clear separation between the two groups of money so client funds are not used for the wrong purpose. A central reason for the rule is that it also helps ensure that the money or securities can be easily identified as belonging to customers in case a firm becomes bankrupt.
Funds transferred from an individual client to MARKETFINANCIALS LIMITED will usually be received directly into a segregated client bank account and the company cannot use such funds and as per the General code of conduct for authorised Financial Services Providers under the FAIS Act, all clients’ funds are separated from those funds belonging to MARKETFINANCIALS LIMITED .
When you open an account with us we will hold your money on a segregated basis. This means that we pay each client’s money – including deposits and net unrealised profits – into a segregated client bank account (i.e. an account which is separate from our own).
As a Regulated company we are required to:
The company is to appoint external auditors who will audit the accounts to make sure that the transactions are properly recorded and that there is a clear segregation between the accounts that holds clients’ funds and the account that the company uses for the daily running of the business.
The auditors report directly with their findings to the Financial Services Authority Seychelles.