Your e-money issuer, Prepay Technologies Limited (PPS) protects your money through a process known as safeguarding.

This means that your money is kept separate from PPS’s own money or protected through an insurance policy or similar guarantee.

Your safeguarded money is not available to any creditors, banks or other third parties. This means that your money will always be available should you ask us to refund your e-money.

Banks are required by the regulators to participate in the Financial Service Compensation Scheme (FSCS). The FSCS acts like an insurance policy for bank accounts and pays out up to a maximum of £85,000 per eligible person, per bank, building society or credit union or up to £170,000 for joint accounts in the event of the bank or building society becoming insolvent.

E-money issuers are not able to participate in FSCS and therefore your account is not protected by FSCS. In contrast, safeguarding applies to all customers, with no defined limit per customer or account (besides our normal maximum account balance). Which means all your money within your Mettle account is protected.

In the very unlikely event of PPS becoming insolvent, the return of your money might take longer than an FSCS claim because the distribution would be handled by an insolvency practitioner or administrator.

It's worth noting that because the administrator can deduct their costs from this money, you might get slightly less than your full account balance back.

If you are using our FSCS protected account;

Eligible deposits with Mettle are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any money that you hold above the £85,000 limit is not covered.

The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of financial services firms. This means that the FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it.

The FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA). They do not charge individual consumers for using their service. We are a regulated bank and your funds are protected up to £85,000 per person.

If you want to learn more about the scheme, please visit the FSCS website.

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