Once you have obtained quotes from escrow service providers, and have chosen who you would like to use, the escrow service provider will request the information they require from you and the other parties, to set up your escrow account with them.
Escrow set up and checks
Escrow service providers that are registered with the Financial Conduct Authority will be required to carry out due diligence checks (sometimes known as ‘Know Your Client’ Checks), which they may ask for documents from each party to complete. Typically, they will request:
- Copy of photographic ID
- Proof of address document for each party involved with the transaction.
Some escrow service providers may also require you to sign an engagement letter to formally confirm you are happy to use their services. This will normally set out the services they provide and the fees you have been quoted. It will usually include the provider’s standard Terms & Conditions. Depending on the agreed fees, the escrow service provider may also request payment of any set up fees before opening your account, at the time of supplying you with the engagement letter.
Escrow due diligence
Once the due diligence checks have been completed, the upfront fees have been paid and a signed engagement letter has been received, your escrow account will be open, and the escrow service provider will be able to begin drafting your escrow agreement.
For more information please visit our FAQ’s.
These questions are all important points to consider when looking at escrow services.
Our team would be happy to talk through how escrow services can be applied to your transactional projects.
About Us
Riverside Escrow is a UK based FCA authorised escrow company helping businesses and individuals exchange assets and funds.
We were first set up in 2014 and we offer high quality and cost effective Escrow Services in a board range of transactions. Our dedicated team of staff strives to provide efficient and clear services, tailored to fit each individual transaction.
Riverside Escrow Limited is authorised by the Financial Conduct Authority as a Payment Institution under the Payment Services Regulations 2017 with registration number 920922 for the provision of payment services.
Please note that our authorisation with the Financial Conduct Authority (“FCA”) applies only in relation to payment services transactions (principally transactions involving the holding and payment of funds), it does not relate to any other form of escrow service offered by us – for example where we hold real property.
This means that the Financial Conduct Authority does not regulate us in respect of any escrow transactions other than payment services transactions.
As a result:
– we are not required to comply with the FCA rules in respect of services other than payment services
– the FCA does not regulate us in respect of any escrow services other than payment services
– payment services are the only type of service offered by us that users of our services are able to complain to the FCA about
– payment services are the only type of service offered by us that users of our services are able to complain to the Financial Ombudsman Services about.