How is the balance on my card protected?
We are regulated by the Financial Conduct Authority (FCA) as an electronic money institution and the money on your card is classified as electronic money. For your protection, the money that you have on your card is backed by money kept by us in a separate safeguarded bank account. This money is held separately and is only available for the purposes of giving you back your money on your request. This safeguarded money is also not available to our creditors, our bank or third parties. It means that whenever you ask us to redeem (withdraw) your e-money, that money will be available to you. In the event of us becoming insolvent, the balance on your card will be paid out to you by the insolvency practitioner from our safeguarded bank account once any costs of insolvency proceedings are settled. This means that the total of funds available to our customers and, therefore, to you may be decreased by the amount of insolvency costs.