Protected Bank Accounts
Your money is kept safe in a segregated and protected bank account that we cannot access.
Having your money in a protected bank account keeps it safe from fraudsters, thieves and creditors in the event of liquidation and even members of the Suits Me team.
We’ve worked incredibly hard to ensure your account is locked to outside interference, from our inbuilt web browser security measures to our separated accounts. Here’s a description where we try to break down the legal concerns regarding your account security and tell you how we ensure your money is protected above all else.
Suits Me is regulated by the Financial Conduct Authority (FCA) and follows its rigid and specific requirements. Our company is a supplier of fee-paying e-accounts and as such follows all the rules in The Electronic Money Regulations 2011. The regulations are split into 7 parts, defining what electronic money is, who can issue it and what rules issuers have to adhere to.
In Part 3 of the regulations, it is required that our customer’s money must be kept segregated from any of our business funds and, according to Part 6, the FCA can fine us, suspend our authorisation or take us to court, if we’re found breaking the rules. We’ve built Suits Me so it follows the regulations to the letter.
Where is Your Money Kept?
Physically, your money is kept in a segregated bank account with UK, London-based Clear Bank which is FSCS protected. The account is separate from us and any of our partners, meeting the requirements set out in the above regulations. Our money isn’t protected by the Financial Services Compensation Scheme (FSCS) because we are not a bank, but by using FSCS protected accounts we make sure your money has similar levels of protection from insolvency.
This means in the unlikely scenario that we or our partners fall into administration your money will be kept separate and therefore safe from creditors. This means, above all else, your money can’t be touched.
We are partnered with Contis Financial Services Ltd., specialists in banking and payments who are fully authorised by the FCA. They are responsible for both issuing the accounts and debit cards we provide to our customers as well as managing and protecting your money whilst it’s in the account. If you require the name of your bank when setting up payments, you’ll see Contis’ address when doing so through the Suits Me website.
They are responsible for segregating the funds in separate account and are also subject to the conditions of the Electronic Money Regulations.