On a scale of 1 to 10, how safe is it to hold funds in my 3S Money account?
Erm, 10 of course!
3S Money is regulated under an EMI license by the FCA however, we do not protect your money under the Financial Services Compensation Scheme (FSCS).
Our clients' funds are protected under the safeguarding scheme due to that we hold your funds in separate correspondent banks that require no insurance up to a certain amount. This is because we do not lend out your money for profitable gain like traditional banks do.
Safeguarding = your funds are protected
What is safeguarding?
Safeguarding simply means that, by law, we must keep all your funds in accounts that are separate from 3S Money operational funds. So, should anything (touch wood it won’t) happen to 3S Money, your funds are safe and protected.
OK, well where are my funds held?
We have correspondent banks all over Europe and the UK, we hold your funds in; Raiffeisen Bank International Austria, Banking Circle Luxembourg & Crown Agents Bank UK.
What would happen if 3S Money went into administration…?
As our clients’ funds are held separately from any 3S Money funds, which means that your funds will not be affected if we become insolvent or go into administration. Our correspondent banks have a responsibility to return the funds to you as soon as possible. No creditor can hold a claim to any of your funds.