FREGA TO FREGA TRANSFERS
Frega is working with consultants in the United Kingdom to secure registration in terms of the ‘Small E-Money Institution regulations’ as managed and overseen by the Financial Control Authority (FCA).
Once registered, Frega will offer certain Bank type functions including the service of holding client funds.
Funds will accumulate in the various accounts net of any deductions as specified by the Terms & Conditions of the Account.
Until authorised, the funds distributed and reflected to the credit of any Frega Account are only notionally credited so they may not be withdrawn, accessed or encumbered in any way.
Pending the e-Money registration, and a condition of the receipt of non-financial benefits and the ability to access and withdraw funds, all Frega Account holders shall ensure that they are ‘Fregared’.