No, your funds are not covered by FSCS, but all customer funds at Apron accounts are fully protected through a process called safeguarding. We keep 100% of your deposits ring-fenced and completely segregated from the company’s own funds.

The FSCS is applicable to credit institutions that offer retail banking services such as loans and pension funds that, in the event they would go bust, could struggle to return deposits to their customers due to financial losses derived from the inherent risk of those products. Because of that, the Bank of England and the FCA established a minimum amount that banks must keep ring fenced so that amount can be returned in any circumstance.

Electronic Money Institutions, such as The CurrencyCloud Limited (Apron partner for payments processing), are obligated to safeguard the totality of our customer deposits, so your funds are always secured with Apron. Even in the event of Apron insolvency, you’d receive back any deposits in your Apron account in full.

You can read more about the differences on 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: