We do not provide Deposit Guarantee Scheme (FSCS or The Guarantee Fund) protection (which only guarantees customer deposits up to £85,000 or EUR 100,000) - instead we guarantee the protection of 100% of customer funds by complying with the Safeguarding Regulations that are applicable to funds received from Monese customers.
Monese Ltd is a registered agent of:
- PrePay Technologies Limited which is an electronic money institution authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (900010) for the issuing of electronic money and provision of payment services.
- PPS EU SA which is an electronic money institution authorised by the National Bank of Belgium under the law of 11 March 2018 for the issuing of electronic money and provision of payment services.
Unlike banks we do not re-invest customer funds and have to keep all customer money separate to our own company finances. We are required by Regulation to Safeguard all funds received from Monese customers. This guarantees that even in the unlikely event that Monese is no longer in business, all of our customers would receive 100% of their balance back.