Safeguarding under the Payment Services Regulations 2017
dospay is a trading name of DOS & Co. Ltd, an authorised payment institution regulated by the Financial Conduct Authority (FRN 1041318). As an authorised payment institution, we protect customer money through safeguarding, as required by the Payment Services Regulations 2017.
Safeguarding means that funds we hold for you are kept separate from our own money at all times, in designated safeguarding accounts. Pound sterling funds are safeguarded at the Bank of England; funds in other currencies are safeguarded with authorised credit institutions.
If DOS & Co. Ltd were ever to fail, safeguarded funds would remain separate from the company's own money and would be returned to customers from the safeguarding accounts ahead of the claims of other creditors. The costs of the insolvency practitioner distributing the funds may be deducted before funds are returned, though we hold regulatory capital set aside in accordance with our FCA authorisation which should eradicate this.
The FSCS does not apply, and what protects you instead
The Financial Services Compensation Scheme (FSCS) covers deposits held with banks, building societies and credit unions. It does not apply to payment institutions such as dospay: money we hold for you is not a deposit, and it is not FSCS-protected.
Instead, your money is protected by the safeguarding arrangements described above, the protection regime the Payment Services Regulations 2017 prescribe for payment institutions. Rather than compensating you after a failure up to a capped amount, safeguarding keeps all of your funds separate from ours so that they remain identifiable as yours throughout.
Our safeguarding assurance
- Safeguarded funds are reconciled daily.
- Our safeguarding arrangements are audited annually by an independent external auditor.
- We submit monnthly safeguarding returns (REP027) to the FCA.
Questions
If you have any questions about how your money is protected, contact your account manager, or see our complaints article for how to raise a concern.