Docan Money is not a bank
Your planned Docan Money account is an e-money account, not a bank account. Money held with Docan Money is not directly protected by the Financial Services Compensation Scheme (FSCS).
What safeguarding means
Where we issue electronic money or receive funds for payment services, relevant customer funds are protected through safeguarding in accordance with applicable law. Safeguarding keeps these funds separate from money used to run our business.
Our planned arrangements
Once registered and live, relevant funds will be held in separately designated safeguarding accounts under the segregation method. E-money funds and funds received solely for standalone unrelated remittance will be separately tracked and reconciled. The arrangements must be evidenced and tested before customer funds are accepted.
Standalone remittance
For a standalone remittance, funding is by bank transfer using a unique order reference. We execute the transfer only after receipt, payer, reference and amount are matched and required checks are complete. Wrong or missing references are investigated, with funds protected pending controlled return where appropriate.
Safeguarding is different from deposit insurance
Safeguarding is intended to protect relevant customer funds if the firm fails. It is not a guarantee of immediate repayment and is different from FSCS protection for eligible bank deposits. Read our terms and conditions for the proposed arrangements.