When you provide funds to Prepaid Financial Services Ltd (PFSL) these funds are called ‘Relevant Funds’ under the Electronic Money Regulations 2011 (Regulations) and are held in a segregated ‘Safeguarded Account’ which is separate from PFSL’s own funds. Relevant Funds are held in the Safeguarded Accounts at Barclays Bank PLC and the Bank of England until they are sent to a nominated recipient

These segregated Safeguarded Accounts may be also held at our partner financial institutions who are authorised credit institutions by the Prudential Regulation Authority, or authorised custodians, or the Bank of England as allowed under the Regulations.

In the unlikely event that PFSL runs into financial difficulty or in the event of PFSL becoming insolvent, creditors have no interest, recourse in or right over to balance available of Relevant Funds held in Safeguarded Accounts. Funds available on the Safeguarded Accounts are separated from our other assets and will be used to repay sums owed to you.

PFSL carries out external audits to demonstrate that it is safeguarding Relevant Funds in compliance with applicable regulations in the United Kingdom.

As an FCA Authorised Electronic Money Institution, we are not covered by the Financial Services Compensation Scheme.