Complaints Policy

Effective: 01 November, 2019

XCEL Limited (‘XCEL’, ‘the Firm’, or ‘us’) aspires to provide a high quality of service to its customers. In this context, the Firm strives to deal with complaints promptly and fairly and welcomes any feedback on the service it provides. In order to ensure that complaints are dealt with effectively, the Firm has adopted the complaints policy outlined below.

What is a Complaint?

Xcel recognises that there is a distinction between an EMD complaint and a complaint under DISP. The key distinction is the scope, complaints under DISP are broader in scope than EMD complaints.

A complaint as defined under the EMRs is referred to as an EMD complaint. This is a complaint that relates to the conduct of business rules in the EMRs, and therefore specifically in relation to the issuance and redemption of e-money.

A complaint, as according to DISP 1 of the FCA Handbook, is 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… which:

  • To fulfil your requests for products and services.
  • To improve our services, resolve your queries.
  • To provide reconciliation and settlement for all financial transactions.
  • To upgrade our product lines, and
  • To provide regulatory reporting where applicable.

All complaints will be measured against the DISP definition for reasons set out in the ‘Time Limits’ sub-heading of this policy.​

Who is eligible to make a complaint to XCEL?

Xcel accepts complaints from anyone who feels that the Firm should have provided better service or handled a situation in a more appropriate manner. This means that any person who receives a service from us, any of the agencies or businesses which the Firm works with (or could potentially work with) or anyone who is impacted by the service delivered can make a complaint. If necessary, a person or business can ask a representative to make a complaint on their behalf.

Who is eligible to make a complaint to the Financial Ombudsman?

Please find guidelines on what type of complaints the Financial Ombudsman Service handles (‘FOS’):

A complaint may only be dealt with under the FOS if it is brought by or on behalf of an eligible complainant.

According to DISP 2.7.3 of the FCA Handbook, an eligible complainant must be a person that is one of the following categories. Some categories are not relevant to Xcel’s current business model and are therefore not elaborated on.

Eligible complaint Definition
Consumer A natural person who is cting outside that person's trade or profession.
Micro-enterprise A business with fewer ahn 10 persons and a turnover of less than €2 million.
Small charity A charity with an annual income of less than £6.5million, at the point of complaint.
Small trustee A trustee of trust which has a net set value of less than £5million, at the point of complaint.
CBTL consumer N/A
Small Business A business with a turnover of less than £6.5million, and less than 50 persons or has a balance shhet of less than £5million.
Guarantor N/A

Moreover, DISP 2.7.6 of the FCA Handbook states that to be an eligible complaint a person must also have a complaint which arises from matters relevant to one or more of the following relationships with Xcel:

  1. the complainant is (or was) a customer of Xcel;
  2. the complainant is (or was) a potential customer of Xcel;
    1. the complainant is (or was) a payer in a payment transaction in relation to which Xcel is (or was) the payee’s payment service provider, provided the complaint relates to Xcel’s obligations under regulation 90(3) of the Payment Service Regulations;
    2. the complainant is a person that has transferred funds as a result of an alleged authorised push payment fraud and both:
      1. Xcel is (or was) involved in the transfer of the funds; and
      2. the complaint is not an authorised payment institution.

Time Limits

There are distinct regulatory time limits for complaint handling, and they differ depending on whether the complaint is an EMD complaint or a complaint under DISP.

In order to avoid future confusion when identifying the nature of a complaint, and therefore its regulatory time limit, Xcel shall consider all complaints EMD complaints. This is due to the fact that EMD complaints have a shorter resolution time limit than those under DISP and by relying on the shorter time limit the risk of non-compliance with the regulations is significantly mitigated.

All complainants must receive a final response by Xcel at the end of 15 business days after the day on which the complaint was received.

In exceptional circumstances (not within the control of Xcel) 15 business days becomes 35 business days. The letter of acknowledgement will be sent out within 24 hours after the complaint is received by the CCO or delegated agent.

How can a complaint be made?

Complaints can be made through the Xcel app, or an email can be sent to with full details of the issue.

Complaints can also be submitted in writing to:

XCEL Inc Limited
Level 39, One Canada Square,
Canary Wharf, London E14 5AB

Final Response

Where exceptional circumstances are not present and an agreement on the complaint has not been mutually agreed Xcel will provide the complainant with a final response on their complaint and referral rights to the Financial Ombudsman Service (FOS).

The final response email shall reflect the guidelines set out below:

  1. a 'final response', being a written response from Xcel which:
    1. accepts the complaint and, where appropriate, offers redress or remedial action; or
    2. offers redress or remedial action without accepting the complaint; or
    3. rejects the complaint and gives reasons for doing so, and which:
    4. encloses a copy of the Financial Ombudsman Service's standard explanatory leaflet;
    5. provides the website address of the Financial Ombudsman Service;
    6. informs the complainant that if they remain dissatisfied with Xcel's response, they may now refer their complaint to the FOS; and
    7. indicates whether or not Xcel consents to waive the relevant time limits in DISP 2.8.2 R or DISP 2.8.7 R (Was the complaint referred to the Financial Ombudsman Service in time?) by including the appropriate wording set out in DISP 1 Annex 3R; or “You have the right to refer your complaint to the Financial Ombudsman Service, free of charge – but you must do so within six months of the date of this letter. If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances. For example, if the Ombudsman believes that the delay was as a result of exceptional circumstances."

Post-Final Decision

Once the final decision email has been sent, all future correspondence with the complainant regarding this issue should refer to the final decision and reiterate the next steps.

Complaint Storage

All complainant information will be archived, through the Xcel app backend.