Is the e-money in my account covered by any compensation scheme?

myPOS e-money accounts are not covered by the standard EU or UK compensation schemes (such as the Financial Services Compensation Scheme [FSCS] in the UK), which are applicable to bank accounts and available to bank customers but not to payment institution customers. This is because the e-money issued by myPOS does not qualify as a deposit or an investment service, and as a result, you are not protected by any Depositor Compensation Schemes.

However, as an e-money institution, myPOS keeps all client money separate in designated, safeguarded accounts that are set up and operate in compliance with its regulators’ specific requirements. myPOS holds these accounts with eligible banks which are also approved by regulators. The designation, structure and operation of these accounts provide important protections for you, ensuring that your money is safe and available to you.

Was this article helpful?

Haven't found what you're looking for?

Submit a request