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How BCS makes foreign exchange help a charitable cause

 

BCS first partnered with Money Mover in 2016 after working with them in the early stages of their business.  We quickly realised how beneficial smarter, faster and more flexible foreign currency payments would be to some of our clients.

 

When BCS first discussed a partnership to refer our clients to Money Mover, we were a little uneasy at the prospect of receiving commission on our clients’ transactions.   

 

Whilst it is great to create additional revenue streams into a business, as an ACCA registered accountancy firm it can be problematic in aligning that with our code of ethics and transparent approach.

 

The solution, suggested by Money Mover and adopted by other partner firms, was for the commission to be used to make charitable donations.  BCS then began to consider which charity to support.

 

In September 2015 our Managing Director, David O’Farrell had participated in a three-day London to Paris cycle challenge with the aim of raising funds for Hedge Funds Care (HFC) – also known as Help for Children.  A global foundation, founded in 1998 with sponsors from the Alternative Investment industry, HFC is committed to the prevention and treatment of child abuse.   Over the last two decades, HFC has transformed the lives of more than 1.1 million children across 12 cities in six countries, making the world a safer place for children.

 

BCS decided, given its links in providing its services to the hedge fund industry through its associated company, BCS Alternatives, that HFC would be its chosen charity.  Since September 2016 BCS has been donating the commission it has received from Money Mover to HFC. 

 

So, that is how BCS makes foreign exchange help a charitable cause and long may our introduction of clients to Money Mover and donations to HFC continue!

 

Article by Louise O'Farrell, BCS Practice Director

January 2020