Is my money safe with Bourgeois Bohème?

To ensure your money is safe, we hold your funds in segregated accounts, meaning it is separate from Moorwand’s funds. It is also ‘safeguarded’, meaning there are assurances from the bank that in the unlikely event Moorwand was to go out of business the money is protected for the use of Moorwand customers and could not be used to offset any debt Moorwand may owe.

Safeguarding is a regulatory requirement for all EMIs designed to protect customers from the risk of losing funds. Funds are reconciled at least daily, and we have to have an independent expert validate that we are meeting our obligations each year.

In the event of Moorwand becoming insolvent, an insolvency practitioner would be appointed to return the funds we have safeguarded to customers. This means you would get most of your money back, except for the costs deducted by the insolvency practitioner for distributing the money to our customers. In addition, due to the insolvency process, it could take longer for money to be returned to you than if the account was held by a bank.

More information about using a non-bank payment service provider and the protections they offer can be found on the FCA’s website at https://www.fca.org.uk/consumers/using-payment-service-providers.