Sciopay Ltd Commercial Foreign Exchange Terms & Conditions — Last Updated: 12th January 2026
Sciopay Ltd ("Scio") is a wholly owned subsidiary of Scio Group Limited. These Terms and Conditions (the "Terms") govern your use of the Services provided by Scio and constitute the legal relationship between you (the "Customer") and us.
These Services include allowing you to place Orders for Foreign Exchange Spot Contracts, Foreign Exchange Forward Contracts, Foreign Exchange Limit Orders and Foreign Exchange Stop Loss Orders as well as, in some cases, related Payment Services (the "Services").
By using any of our Services described in these Terms, you are agreeing to be bound by these Terms. It is important you read them carefully and if you do not understand these Terms, please do not use any of our Services. Please note that if you are not a Consumer, as defined in these Terms, certain regulatory provisions and protections (e.g. right to refer a Complaint to the Financial Services Ombudsman) may not apply to you. However, if you are a Consumer, the legal protections under the Payment Services Regulations 2017 and Consumer Rights Act 2015 apply, and nothing in these Terms will affect your statutory rights. Please seek legal advice if you feel unsure whether these Terms or our products are aligned to your personal or business needs.
Please also read the following documents which apply to your use of our websites and the Services:
Terms not defined elsewhere in the Terms shall have the meanings set forth in this section:
APP Scam (Authorised Push Payment Scam) means where a person uses a fraudulent or dishonest act or course of conduct to manipulate, deceive or persuade a Customer into transferring funds from the Customer's Relevant Account to an account not controlled by the Customer.
APP Scam Regulations means the regulations issued by the Payment Systems Regulator ('PSR') and other laws and regulations that have been implemented to address APP Scams.
Authorised User has the meaning given to it in clause 3.1.
Business Introducer means the entity we have entered into a Business Introducer Agreement with and who may have introduced you to Scio. This Business Introducer promotes and markets the Services but is independent of Scio, is not an agent of Scio and has no authority to negotiate or enter into agreements, including these Terms, on behalf of Scio.
CHAPS means Clearing House Automated Payments System, the regulated payment system designated by Order from the Treasury on 1 April 2015.
Complaint means any expression of dissatisfaction, whether oral or written, and whether justified or not, from a Customer about the Services.
Consumer means: an individual who is acting for purposes other than a trade, business or profession; a microenterprise which means an enterprise that employs fewer than ten persons and that has either an annual turnover or annual balance sheet total that does not exceed 2 million EUR; or a charity whose annual income is less than 1 million GBP per year.
Contract means an individual Order that has been accepted by Scio.
Contract Note means the written document setting out the details of a Contract that will be sent to the Customer following Order acceptance.
Foreign Exchange Forward Contract means an Open Foreign Exchange Forward Contract or a Window Foreign Exchange Forward Contract.
Foreign Exchange Spot Contract means an Order where the Value Date is two (2) Business Days after the Order.
Margin means deposit or advance payment required to enter a Foreign Exchange Forward Contract.
Margin Call means a request by Scio for the Customer to provide additional amounts on demand as Scio may reasonably require on account to cover adverse Foreign Exchange Rate movements between the date of the Contract and the Value Date.
Online System means the electronic platform provided by Scio through which the Customer, and its Authorised Users, can use the Services.
Order means a Customer's oral, electronic, or written instruction for Scio to perform a Foreign Exchange Spot Contract, Forward Contract, Limit Order, Stop Loss Order, or same currency Transaction.
Payment Partners means the technology and regulated partners used to enable performance of the Services.
Relevant Funds has the meaning given in Regulation 23 of the Payment Services Regulations 2017.
Settlement Account means the bank account notified by the Customer to Scio into which any sums due from Scio to you pursuant to any Transaction will be paid.
Value Date means the date specified in the Contract Note by which the Customer must have transferred the Sale Currency to the Scio Nominated Account.
1.1 Sciopay Ltd ("Scio") is a company registered in England and Wales with company registration number 12352935 and office at Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK. Scio is authorised by the Financial Conduct Authority as an Authorised Payment Institution under registration number 927951 and is licensed and regulated by HMRC as a Money Services Business under registration number NXML00000151326.
1.2 You can contact Scio by telephoning their customer service team at +44(0)203 992 7639 or by writing to them at info@sciopay.co or Sciopay Ltd, Moor Place, 1 Fore Street Avenue, London, EC2Y 9DT, UK.
1.3 Scio provides facilities for the purchase or sale of currencies ("Foreign Exchange") for both commercial and personal purposes. Scio contracts with Customers for settlement or delivery only. Scio's staff do not provide advisory services.
1.4 The Customer confirms that it has completed a Customer Registration Form and agreed to these Terms; it has or will have a personal or commercial need for the currency which is the subject of each Contract; it will not enter into a Contract for any illegal purpose; it is acting on its own account; and it understands that any Contract entered into under these Terms does not involve any Regulated Activity.
1.5 Please note that Foreign Exchange Rates are subject to fluctuations outside the control of Scio. Historical performance is no indicator for future performance.
2.1 Scio will, upon request from the Customer and subject to these Terms, enter into agreements for the sale, purchase and delivery of currency with the Customer. Contracts may include Foreign Exchange Spot Contracts, fixed Foreign Exchange Forward Contracts, Foreign Exchange Forward Contracts, and Foreign Exchange Limit Orders and Stop Loss Orders.
2.2 Scio will always contract as principal with the Customer and deal with the Customer on an execution only basis.
2.3 Scio will not provide advice to the Customer upon the merits of a proposed currency Contract or provide taxation or other advice to the Customer.
2.4 If the Customer has been introduced to Scio by a Business Introducer, then at Scio's discretion and if the Customer has requested, the Business Introducer may be an Authorised User for the purpose of the Customer using the Services.
2.5 Payment Services Regulations 2017 Corporate Opt Out: If you are not a Consumer, you agree that certain regulations of Parts 6 and 7 of the Payment Services Regulations 2017 do not apply to, or are as varied in, these Terms.
2.6 Scio will not start providing Services to a Customer until verification and compliance checks on the Customer have been completed and the Customer has agreed to these Terms.
3.1 The Customer may give Scio electronic, oral or written instructions relating to a Transaction or Contract. The Customer may authorise any other person (an "Authorised User") to give Orders on its behalf and Scio is entitled to act upon instructions which are or appear to be from the Customer or any Authorised User.
3.2 Following receipt of an Order, Scio shall, if it is willing to accept the Order, agree electronically or orally with the Customer the terms on which it is willing to enter into a Contract and shall subsequently transmit electronically to the Customer a Contract Note.
3.3 Once Scio has transmitted a Contract Note confirming acceptance of an Order, the Customer may only amend or cancel the Contract if Scio expressly agrees.
3.4 Scio may at its absolute discretion refuse any Order or instructions given by the Customer without giving any reason or being liable for any loss the Customer suffers as a result.
3.5 Scio may require further confirmation or information from the Customer or Authorised User in relation to the Order or instruction if: an Order or instruction is ambiguous or may be incorrect; Scio is required to do so for regulatory/legal reasons; Scio suspects the Order could involve an APP Scam; or Scio has any other questions or concerns about the Order or instruction.
4.1 The Customer shall pay by bank transfer only, in cleared funds, into a bank account nominated by Scio (the "Scio Nominated Account") the sum of any Transaction Fee payable plus the full value of the currency to be sold by the Customer under the Contract.
4.2 Scio Nominated Accounts are held with Payment Partners. The accounts are only operated to fund Foreign Exchange Transactions.
4.3 The Customer must make sure cleared funds are paid in the Scio Nominated Account for the full amount of the Sale Currency, plus any applicable Transaction Fee, on or before the Maturity Date.
4.4 Scio will not make any Transaction under any Contract without first having received confirmation that cleared funds for all sums due have been received.
4.5 Customers should be aware that the Financial Services Compensation Scheme ('FSCS') does not apply to funds held in the Scio Nominated Account, but funds are protected as set out in the Safeguarding clause where Payment Services are provided.
5.1 If the Customer fails to make any payment required under these Terms when it falls due, interest will be charged on the outstanding sum at a rate of five per cent per annum over the base rate of the Bank of England. Such interest shall accrue and be calculated daily from the date payment was due until the date the Customer pays in full and shall be compounded monthly.
5.2 Scio may receive and retain or apply for its own benefit any interest that arises in respect of any sum paid into the Scio Nominated Account.
6.1 All amounts owed to Scio in relation to a Contract will be as set out in the Contract Note and may include the price agreed for the purchase or sale of currency, the Margin, Margin Call and the Transaction Fee. The Customer understands that because Scio deals as principal the Foreign Exchange Rate it offers the Customer will not be the same as the Foreign Exchange Rate Scio obtains itself.
6.2 All Customers who are not Consumers agree to pay Scio the Service Fee. The amount of the Service Fee, and the terms on which it shall be paid, shall be communicated to the Customer in the Customer Registration Form or upon confirmation of acceptance of application.
7.1 If a dispute arises between Scio or a Business Introducer and the Customer relating to the existence or terms of any Contract, Scio may close out or take any other action it reasonably considers appropriate in relation to the Disputed Contract pending settlement of the dispute without previously notifying the Customer.
8.1 The Customer represents to Scio that: the Customer is acting as principal for its own account and has full power and authority; the Customer is not involved in carrying out an APP Scam; all sums paid to Scio under these Terms belong to the Customer; all information supplied to Scio by the Customer is accurate in all material respects; and the Customer has a valid commercial or personal reason for requiring the currency and will not enter into any Contract for speculative or investment purposes.
9.1 Payment Partners are the liquidity and regulated partners used to enable performance of the Service.
9.2 Scio Nominated Accounts are provided by Scio's Payment Partners.
9.3 Customers can request more information on Scio's Payment Partners by email at compliance@sciopay.co.
10.1 The Customer will be required to notify Scio no less than twenty-four (24) hours before the Maturity Date of any Foreign Exchange Forward Contract with the details of the Settlement Account and Transaction instructions.
10.2 Scio will require an agreed Margin from the Customer for each Order for a Foreign Exchange Forward Contract and Scio will be entitled to request additional Margin Calls in the event of Foreign Exchange Rate fluctuations.
10.3 With Scio's agreement the Customer may Drawdown against a Foreign Exchange Forward Contract at any time up until its Maturity Date.
11.1 Scio may refuse to perform or may close out all or any part of any Contract, with no liability for any losses, upon or at any time after: the Customer fails to make any payment when due; the Customer dies or becomes of unsound mind; the Customer becomes insolvent or enters any insolvency process; the Customer fails to comply with its obligations under these Terms; any representations or information supplied by the Customer become materially inaccurate; or Scio considers it necessary to do so for its own protection including protection from fraud, APP Scams, or adverse market conditions.
12.1 You shall be liable to Scio for all losses arising from Scio acting on your or your Authorised Users' instructions or Orders, except to the extent that losses arise due to Scio's negligence, wilful default, or fraud.
12.2 Under the Payment Services Regulations 2017 you might be entitled to redress for unauthorised or incorrectly executed Transactions for Payment Services only. You must notify Scio as soon as you become aware of an unauthorised or incorrectly executed Transaction (within 13 months if a Consumer, 6 months if not a Consumer).
12.3 Scio will not be liable for the non-execution or defective execution of a Transaction if the information you provide is incorrect.
12.4 If a loss is incurred due to Scio's negligence or breach of contract in relation to Payment Services, Scio will promptly attempt to correct the error and will be liable for direct losses only.
12.5 Nothing in these Terms excludes either party's liability for any loss caused by fraud, dishonesty or deceit, death or personal injury caused by a party's negligence, or any other liability that cannot be excluded by law.
12.6 You must notify Scio promptly if you know or suspect you have been the victim of an APP Scam.
13.1 These Terms set out the entire agreement and understanding of the parties on their subject matter and supersede all previous oral and written communications on the same subject matter.
13.2 Scio may amend these Terms by notice in writing to the Customer. If the Customer is a Consumer, Scio will provide at least two (2) months' prior notice before any amendment takes effect.
13.3 If at any time any provision of these Terms is or becomes illegal, invalid or unenforceable, the legality, validity or enforceability of the remaining provisions shall not be affected.
13.4 If a party fails to exercise or delays in exercising any right under these Terms, by doing so it does not waive such right.
13.5 If the Customer has any Complaint it should contact Scio via email at complaints@sciopay.co or via their website. Scio will aim to resolve it as quickly as possible and within fifteen (15) business days.
13.6 In the unlikely event of Scio being unable to resolve a Complaint, and where issues relate to Payment Services only, the Customer may, if they are a Consumer, be entitled to refer their Complaint to the Financial Ombudsman Service. The Customer can contact the Financial Ombudsman Service by calling +(0)800 023 4567 or via www.financial-ombudsman.org.uk.
14.1 Scio will collect and use Personal Data only to the extent necessary to provide the Service to the Customer. Details of the Personal Data Scio collects, uses, handles and shares as a Data Controller is set out in their Privacy Policy at https://sciopay.co/legal/privacy-policy.html.
15.1 In order to use the Services, the Customer may need to access the Online System. The Customer must nominate at least one Authorised User who will be granted access.
15.2 Upon Scio making the Online System available, Scio will grant all Authorised Users a non-exclusive, non-transferable virtual licence to use the Online System to make Orders.
15.3 The Customer agrees to be solely responsible for the protection of all their security factors, and the Customer should notify Scio immediately of any actual or suspected compromise of any security information.
15.4 The Customer will be required to complete a 2-step authentication process when accessing the Online System.
16.1 Each party undertakes that it shall not at any time disclose to any person any confidential information concerning the business, affairs, customers, or suppliers of the other party except as permitted by these Terms or as required by law.
17.1 These Terms and any relationship between Scio and the Customer shall be governed by English law and subject to the exclusive jurisdiction of the English courts. All communications between the Customer and Scio shall take place in English.
18.1 These Terms shall remain in effect so long as Scio is providing any Services to the Customer.
18.2 The Customer may terminate these Terms by providing one (1) month's written notice to Scio.
18.3 If you are not a Consumer, Scio may terminate these Terms by giving two (2) months' written notice.
18.4 If you are a Consumer, Scio may terminate these Terms by giving ninety (90) days' written notice, setting out the reasons for termination and details of how to complain if you are not happy.
18.5 Either party may terminate these Terms immediately if the other party commits a material breach and fails to cure it within thirty (30) days after receipt of written notice.
19.1 Funds received from the Customer by Scio for the provision of Payment Services are referred to as Relevant Funds. Relevant Funds do not include any Fees or Margin which are amounts owed to Scio.
19.2 Relevant Funds are held in segregated bank accounts which are independent of Scio's own business bank accounts, ensuring that in the event of Scio's insolvency, no creditor or claimant should be able to claim Relevant Funds. Relevant Funds are not covered under the Financial Services Compensation Scheme ('FSCS').
19.3 Foreign Exchange services are not a Payment Service, and funds received by Scio to execute a commercial Foreign Exchange transaction are likely to be excluded from the safeguarding provisions of the Payment Services Regulations 2017.
19.4 When a Customer transfers Scio Margin or funds for a Margin Call, full ownership and title to these funds transfer to Scio absolutely and such funds are considered as Scio funds and will not be Relevant Funds.
20.1 Scio may transfer their rights and obligations under these Terms to another organisation with prior notice to the Customer.
20.2 The Customer may only transfer their rights or obligations under these Terms to another person if Scio agrees to this in writing.
20.3 Each of the paragraphs of these Terms operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining paragraphs will remain in full force and effect.
20.4 Any payment transactions carried out by Scio are subject to the Payment Services Regulations 2017. Questions regarding the Payment Services Regulations 2017 should be addressed directly to Scio's compliance team at compliance@sciopay.co.
20.5 Nothing in these Terms is intended to or shall operate to create a partnership between the parties, or authorise either party to act as agent for the other.
Sciopay Ltd. Registered in England & Wales, Registration No: 12352935. Licensed and regulated by HMRC as a Money Service Business (MSB), License No: XCML00000151326. Authorised by the Financial Conduct Authority as an Authorised Payment Institution, Firm Reference Number: 927951.