Are Currencies Direct clients covered by FSCS?

Written by Currencies
Updated 10 months ago

Your money is protected in a different way.

We’re an EMI (Electronic Money Institution) not a bank. Like banks, we’re regulated by the FCA.

Banks must use FSCS to protect your money – up to a maximum of £85,000 per person.

We’re required to use a system called safeguarding, which is designed to protect all the money people hold with us – with no upper limit.

How safeguarding works

With safeguarding, your money is kept in separate bank accounts to the money we use to run our business. This means that, if the unthinkable happened and we went out of business, you’re likely to get most (if not all) of your money back. (In the insolvency process customers are first in line to get money back.)

You might find these helpful:

How is an EMI different from a bank?

Safeguarding – the legal details

What does the FCA do?

How is my money protected?

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