Safeguarding

How do we protect your funds?

Aspire Payments Limited, trading as Muloot Money, is registered with the Financial Conduct Authority as a Small Electronic Money Institution (EMI) for providing electronic money services.

As a Small EMI, we are committed to the highest standards of financial security and protection for our customers. We adhere to the safeguarding requirements set out by the Payment Services Regulations 2017 (PSRs) and the Electronic Money Regulations 2011 (EMRs).

This differs from how banks protect your money in the UK, as they are covered by the Financial Services Compensation Scheme (FSCS).

Unlike with the FSCS, which provides compensation up to £85,000, all relevant funds are protected by safeguarding, even above £85,000.

How does safeguarding work?

When you deposit funds with us, these funds are received in exchange for the issuance of electronic money. These funds are classified as ‘relevant funds’ and are subject to safeguarding requirements. This means that your funds are kept separate from the funds of our institution. This process is known as ‘segregation of funds’.

In the unlikely event of us becoming insolvent, all safeguarded funds (minus administrative costs applied by the insolvency practitioner) will be returned to you as part of the insolvency process. No third-party creditors would have access to these funds.

We also maintain robust systems and controls to manage and mitigate risks to the safeguarded funds. This includes regular audits and compliance checks to ensure we are meeting our regulatory obligations.

Your trust is our top priority, and we are dedicated to maintaining the highest levels of financial security for your funds.