myPOS e-money accounts are not protected by the standard EU or UK compensation schemes, such as the Financial Services Compensation Scheme (FSCS) in the UK. These schemes typically apply to bank accounts and are available to bank customers but not to customers of payment institutions like myPOS. The e-money issued by myPOS does not qualify as a deposit or an investment service, and therefore, it is not covered by any depositor compensation schemes.
However, as a regulated e-money institution, myPOS adheres to stringent safeguarding requirements. All client funds are kept separate from the company’s own money in specially designated, safeguarded accounts. These accounts are held with eligible banks approved by the relevant regulatory authorities. This arrangement ensures that your funds are protected and always available to you.
Is the e-money in my account covered by any compensation scheme?
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