What safeguarding means
As an Authorised Payment Institution, Minas Center Limited is required to protect relevant customer funds in accordance with the Payment Services Regulations 2017 and applicable FCA safeguarding rules.
Where safeguarding applies, relevant funds are identified and protected separately from the firm’s own money using the safeguarding method applicable to the service and transaction. The purpose is to improve the return of customer funds if the payment institution fails.
Not a bank deposit
Minas Center Limited is not a bank and does not accept deposits. Money received for payment services is not a bank deposit with Minas Center Limited.
FSCS does not directly apply
Funds held in connection with payment services are not directly protected by the Financial Services Compensation Scheme. Instead, qualifying relevant funds are protected through the payment-services safeguarding regime.
Safeguarding is designed to protect customer funds, but it does not guarantee an immediate or full return in every insolvency scenario. Costs or delays may arise during an administration.
Reconciliation and oversight
Our control framework includes identification of relevant funds, safeguarding records, reconciliations, exception management and oversight of third parties used in the safeguarding process. Arrangements are reviewed in line with applicable regulatory requirements.
Questions about your payment
The protection applicable to a particular payment depends on the service and the point reached in the payment journey. Customers may contact us for information about the treatment of their funds.