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In the UK we have the Financial Conduct Authority. For a registered financial institution you have protection of, I think, something like £80,000 in case the ba
by dazc 6y ago
In the UK we have the Financial Conduct Authority. For a registered financial institution you have protection of, I think, something like £80,000 in case the bank goes bust and you can also ask them to investigate any complaint.
I have done this once for my own account and a couple of times for others. They really do look into every detail and will award compensation if it's clear the bank was at fault.
Institutions that don't have this protection include Trasferwise and Revolut, both of which I have had issues with in the past.
- tdido 6y agoThey seem to be under the FCA: https://transferwise.com/help/articles/2932699/what-is-the-fca https://transferwise.com/help/articles/2932699/what-is-the-f... Do you mean they don't subscribe to the 80k protection or something like that?
- dazc 6y agoSorry, yes, the £80k protection is under the Financial Services Compensation Scheme (FSCS) https://www.fscs.org.uk/ https://www.fscs.org.uk/ Transferwise are not in it and say they protect your money in other ways... https://transferwise.com/help/articles/2949821/is-it-safe-to-keep-money-in-my-multi-currency-account https://transferwise.com/help/articles/2949821/is-it-safe-to...
- OJFord 6y agoThere are more services regulated by the FCA than which fall under the protection of the FSCS. AIUI it would have to sign up to stricter regulation, and be treated as an actual bank account, or maybe as an investment (forex) account.