What’s the protection for Booster customers’ security

As the title really. I know the Tymit “ring fence” security payments. In the event that Tymit ceased trading and my balance was equal to my deposit then of course there’s no risk, but if I had 5k on deposit to secure my limit and had a zero balance then I’m at risk of losing money.

Anyone have any clarity on the protection afforded to booster customer deposits?

Cheers.

S.

Your money is held in a segregated account under an e-Money license, which means Tymit cannot use it for any purpose as it is designated “client” funds.

If they were to go bust and your money wasn’t returned automatically, it would be safe and you would get it back from the deposit holder.

I think the accounts are provided by Transact but it may be their traditional bank.

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I think it is protected by the Financial Conduct Authority for up to £75k

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Brilliant thanks @jase

That gives me some comfort to increase my deposit.

S.

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The trustee in bankruptcy would have to do the admin. The main risk if Tymit went bankrupt is the time the process could take