Your Frequently Asked Questions
Why is K£ asking me now? It’s all about scale, the more we manage to convert into K£, the more attractive for businesses to join in.
What will this cost me? There is no cost or fee to you.
How do I convert money into K£’s? You can either convert a lump sum or set up a standing order for £15 or £20 (or less if you’d prefer) per month to the Kingston Pound Association account with Boom.
What is the risk to me? None, the money will be held in the Kingston Pound Association bank account with Boom (previously Surrey Save Credit Union), a local and ethical bank covered by the Financial Services Compensation Scheme FSCS. K£1 is equal to £1.
What do I need to take part? You will need a bank account from which to send your money and a text enabled phone or smart phone.
What if I need my money back? At this time there is no restrictions on getting your money back. If you really need the money back or the scheme ends we will send your money back to the account you used to pay us with.
I buy local anyway so what is the point of a local currency? By spending in K£’s you will be encouraging local businesses to think about buying local themselves. Recent research identified that 40% of local businesses do not source any product locally and a further 40% do less than 25% of the time. By converting some of your money into K£’s you are asking local businesses to consider the potential benefits and virtues of using local suppliers.
We are always looking to improve the service that we give to you. If you have any suggestions to add to our list of Frequently Asked Questions, please send them to [email protected] with FAQ as the subject.
Is the Kingston Pound regulated?
Kingston Pound is small and as such, the possibility that it can cause harm is limited. Being limited in scope means that the regulator has created a category in which small projects, such as the Kingston Pound, can operate without being regulated. This provision is known as the Limited Network Exclusion (LNE). This aspect of regulation allows us to operate and grow on a local level without breaking any rules. That said, Kingston Pound are required to notify the FCA if the annual transaction values exceeded 1 Million EUR. (Electronic Money Regulations 2011 – EMR’s)
- We fall within the Limited Network Exclusion (LNE) so long as we provide Kingston Pound to a limited network. https://www.FCA.org.Uk/firms/limited-network-exclusion
- The EBS European Banking Authority consultation paper https://tinyurl.com/296kwtb , included a long list of criteria as to what constitutes a limited network and suggested that the main qualifiers would include:
- – A single shopping center containing different stores;
– Different providers belonging to the same group;
– Different providers working under the same franchise system;
– A specific region with local producers of goods and services; and
– Stores within a town, which are registered in the local town chamber of commerce.