No, services provided by Altery do not fall under the FSCS (Financial Services Compensation Scheme), but the full amount of your balances are safe due to the safeguarding requirement that Altery follows as part of licensing controls conducted by the FCA (UK). For more information on your money’s safety, please see this article.

Why is the FSCS not applicable to Altery?

The FSCS can protect consumers’ bank deposits, insurance policies, certain investments, insurance broking, mortgage advice, self-invested personal pensions (SIPPs), pensions advice, payment protection insurance (PPI), debt management plans and funeral plans. For more information, visit the FSCS website. Altery (Altery LTD) is an e-money institution, and these types of financial institutions do not fall under the FSCS. To learn more about this, you can visit the website: https://www.fscs.org.uk/news/protection/e-money-and-fscs-protection/.

What is the difference between the FSCS and the safeguarding of funds?

The FSCS ensures that your money is protected up to £85,000 for all authorised banks, building societies, and credit unions regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The safeguarding of funds does not have any limit on the amounts of funds that are under the protection of this regulation. It means that in case of solvent business winding down, your funds will be returned to you in full.