Apron safeguards customer funds in line with regulatory requirements, but FSCS protection does not apply to e-money or payment services firms like Apron. However, our safeguarding partner ClearBank is covered by the Financial Services Compensation Scheme (FSCS).
This means:
For GBP payments processed under Apron’s EMI licence (from 14 January 2025), funds are safeguarded with ClearBank, which is covered by FSCS for eligible deposits. Check the details on the ClearBank website here.
For international and non-GBP payments processed via CurrencyCloud, funds continue to be safeguarded by CurrencyCloud, but FSCS protection does not apply.
While FSCS does not directly cover e-money, our safeguarding arrangements ensure your funds are kept separate from Apron’s operational accounts and protected in line with regulatory requirements.
You can read more about the differences in safeguarding obligations for Electronic Money Institutions and ring-fencing obligations for credit institutions in these two articles published by the Bank of England and the Financial Conduct Authority respectively: