The good, the bad and the regulations
I bet you’ve been wondering who the FCA and the FSCS are? Well, this short blog will briefly explain what all this jargon means.
The Financial Services Compensation Scheme (FSCS) is a scheme set up by the UK government in 2001. It was made to protect customers and investors in the financial sector. The FSCS allows compensation of up to £85,000.
So, what does this mean? This means if Tickr Ltd (or any other company with this protection) were to go bankrupt, you would be protected up to £85,000.
Now, this isn’t something we expect to happen, this is a piece of UK legislation that offers us this protection. It covers insurance policies, deposits, mortgages, insurance brokering and, in tickr’s case, investments.
It is important to understand that the FSCS doesn’t cover your underlying investments if they go down due to market movements - only if tickr goes bankrupt. As with any investment, your capital is at risk. If you would like more information on the FSCS visit their website (http://www.fscs.org.uk).
The Financial Conduct Authority (FCA) is displayed in every major bank and is the regulatory body for over 58,000 businesses in the UK. The FCA came into force in April 2013 replacing the FSA (Financial Services Authority).
The FCA's purpose is to ensure that customers are being treated fairly by businesses in the financial sector. This means that the FCA has the power to run checks on people and organisations, to ban businesses from offering their products or service, to make firms pull out promotional material that may be confusing and the ability to freeze a person's or organisation's assets.
tickr is an appointed representative of a company called MET Facilities LLP, which is fully authorised by the FCA.
Protecting you and your data
All your data with tickr is encrypted and protected in our internal database. We will only ever share your data with third parties for security checks, payments, investing and other activities directly related to your account. We respect you and your data. We will never sell your data to third parties.
If you feel your personal data or tickr account may be under threat in any way, get in contact with our support team via live chat or firstname.lastname@example.org. We can freeze your tickr account and all of the transactions going in and out.
Capital at risk