Safeguarding Funds
How your money is kept safe
Shuttle does not hold your money. When you add money to your account or make a payment through the Shuttle platform, your funds are handled and protected by the regulated payment and electronic money institution we work with. This page explains how that protection works.
How your funds are safeguarded
When funds are posted to your account, e-money is issued in exchange for these funds, by an Electronic Money Institution who we work with, called Currencycloud. In line with regulatory requirements, Currencycloud safeguards your funds. This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of Currencycloud's, or our, insolvency. Currencycloud stops safeguarding your funds when the money has been paid out of your account to your beneficiary's account.
Which regulated institution holds your funds
The Currencycloud entity that issues the electronic money and safeguards your funds depends on where you are:
- United Kingdom: The Currency Cloud Limited, authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN 900199).
- European Economic Area: Currencycloud B.V., authorised by De Nederlandsche Bank for the issuing of electronic money and the provision of payment services (DNB relation number R142701).
What safeguarding does, and does not, mean
- Your balance is held separately from Currencycloud's own money at a reputable bank, or is covered by a safeguarding insurance policy.
- Because your funds are safeguarded, they are protected for you if Currencycloud, or Shuttle, becomes insolvent.
- Electronic money is not a bank deposit. The account is not a bank account, and Currencycloud is not a bank.
- Electronic money is not covered by the Financial Services Compensation Scheme (FSCS), or by any deposit-guarantee or investor-compensation scheme. It is safeguarding, not the FSCS, that protects your funds.
- Safeguarding stops once your money has been paid out of your account to your beneficiary's account.
Safeguarding is not the same as investment protection
Safeguarding protects the money held in your payment account before it is invested or paid out. It does not protect the value of any investment you make. Investing through Shuttle places your capital at risk. Please read the risk warnings and key investment information provided with each offer before you invest.