Safeguarding of funds
How merchant funds are held and the fact that balances are not deposit-guaranteed.
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On this page
Placeholder — not reviewed legal wording. TODO(compliance)
This page shows the section structure of the final document. Every section is filled in by a qualified adviser before launch. Nothing on this page states a commitment, a licence or a certification, and nothing on it should be relied on.
How funds are held
TODO(compliance): reviewed text for “How funds are held” — the accounts used, the institutions holding them, and the separation from Cleared-pay's own money.
What safeguarding means
TODO(compliance): reviewed text for “What safeguarding means” — the method applied and what it is intended to achieve if Cleared-pay fails.
What it does not cover
TODO(compliance): reviewed text for “What it does not cover”. A balance held for a merchant is not a bank deposit and is not covered by a deposit guarantee scheme.
Reserves
TODO(compliance): reviewed text for “Reserves” — how a held reserve differs from a settlement balance, and where each appears in the portal.
In the event of insolvency
TODO(compliance): reviewed text for “In the event of insolvency”.
Questions
TODO(compliance): reviewed text for “Questions”.