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Category: Glint's Helpful HInts

Glint’s Helpful Hints: Your money is safe with us

Glint is not a bank or credit institution. It is an EMI (Electronic Money Institution) but as a non-bank payment provider (as the UK's Financial Condu...

14 October 2021

Gary Mead

Glint is not a bank or credit institution. It is an EMI (Electronic Money Institution) but as a non-bank payment provider (as the UK’s Financial Conduct Authority or FCA considers us), Glint is required by regulation to protect your money. Customers’ government-issued, fiat money (e.g. GBP, EUR and USD) received in relation to the e-money issued or payment services we provide, is protected through a process known as ‘safeguarding’.

Safeguarding is a key consumer protection measure. We keep your money in designated, segregated accounts. This separates customer money from Glint corporate funds and Glint corporate accounts.

In the unlikely event Glint ceases to trade, you can claim repayment of your money in priority to all other creditors with the one exception (an appointed administrator may claim expenses in respect of the costs of distributing the segregated funds back to Glint customers).

Safeguarding your money starts immediately on receipt of funds.

Gold is not regulated by the FCA. Customers’ gold however is physical gold bullion that is legally allocated to each customer, stored in a Brinks vault in Switzerland and insured by Lloyds of London. Customers have constructive possession of their gold. Constructive possession is a legal fiction to describe a situation in which an individual has actual control over chattels or real property without actually having physical control of the same assets. At law, a person with constructive possession stands in the same legal position as a person with actual possession. So Glint customers can be confident that their gold is safe, at all times.

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