ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329 
Likes: 11,548
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Post by ilmoro on Mar 11, 2022 19:42:17 GMT
Be careful about leaving cash lying about in P2P companies who use ShareIn, no FSCS cover. I don't have an exhaustive list so I won't single any out. Announcement is a bit like finding out the engine on the plane you've been using for the last 12 months has been finally fixed properly.
Why do you think it isnt FSCS protected. ShareIn Pay, their client money solution has FSCS protection www.sharein.com/shareinpay#pay-regulation-sectionAny company that uses e-wallet providers like Mangopay is not covered by FSCS for cash balance held by those suppliers. They are however protected by safeguarding which requires them to have the cash in a separate account with a bank. The difference is if they go bust will take longer to get money and may be subject to insolvency fees but there is no cap on the protection.
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Post by overthehill on Mar 11, 2022 20:59:42 GMT
Be careful about leaving cash lying about in P2P companies who use ShareIn, no FSCS cover. I don't have an exhaustive list so I won't single any out. Announcement is a bit like finding out the engine on the plane you've been using for the last 12 months has been finally fixed properly.
Why do you think it isnt FSCS protected. ShareIn Pay, their client money solution has FSCS protection www.sharein.com/shareinpay#pay-regulation-sectionAny company that uses e-wallet providers like Mangopay is not covered by FSCS for cash balance held by those suppliers. They are however protected by safeguarding which requires them to have the cash in a separate account with a bank. The difference is if they go bust will take longer to get money and may be subject to insolvency fees but there is no cap on the protection. Sorry I got that mixed up possibly with MangoPay, don't like the sound of that, not got time to dig. Deleted the post.
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