Where is my e-money balance held?

The e-money balance on your accounts is held by Moorwand at a bank. Moorwand is our financial partner and an authorised Electronic Money Institution (EMI), regulated by the Financial Conduct Authority (FCA) in the UK, it is authorised to provide payment services and issue electronic money (e-money), subject to the Payment Services Regulations 2017 and the Electronic Money Regulations 2011.

The e-money balance on your accounts is held by Moorwand at a bank. While this may sound similar to what a bank does when funds are received into a current account, Moorwand is not a bank and there are key differences you should be aware of:

· we do not take your money as a deposit to use for our own purposes, or lend to other customers; and

· your e-money is not covered by the Financial Services Compensation Scheme (FSCS).