A complainant contacted FSA to seek reassurance that a firm the complainant proposed to use for a foreign exchange transaction was reputable and that money would be “safe” with it. FSA confirmed the firm was registered under the Payment Services Regulations (PSRs). The firm went into insolvency and the complainant sought to blame FSA. The FSCC upheld FSA’s view that it was not at fault, but criticised it for its failure to find records of the complainant’s call, and the quality of the record when it was found. The FSCC also said FSA should more clearly explain the implications of being registered under the PSRs as opposed to being authorised, particularly as to what customers may expect if the payment service provider becomes insolvent. (Source: Complaint GE-L01233)