DigiDoe Limited is authorised by the Financial Conduct Authority (FCA) as an Authorised Electronic Money Institution (EMI) under the Electronic Money Regulations, with FCA firm reference number (FRN) 901043. You can verify this on the FCA’s Financial Services Register.
When you add money to your DigiDoe account, we issue electronic money (e-money) and must protect an equivalent amount of your money (“relevant funds”) in line with UK regulations for electronic money institutions.

We use the segregation method for safeguarding your money:

• Once we receive your money, it becomes “relevant funds” and must be safeguarded no later than the end of the next business day.
• We then hold these relevant funds in separate safeguarding accounts with authorised banks in the United Kingdom.
• These safeguarding accounts are kept separate from DigiDoe’s own operational money and are not used for lending, investing, or any other business activity.

To help ensure the correct amount is always protected:

• We carry out daily reconciliations between our records and the balances held in our safeguarding accounts.
• If a shortfall is identified, DigiDoe must cover it from its own funds without delay, so that the safeguarding accounts hold enough to cover all safeguarded customer balances in full.

Safeguarding is primarily there to protect you if DigiDoe itself becomes insolvent:

• An independent insolvency practitioner would be appointed to manage the process.
• Their role includes verifying customer claims and distributing the safeguarded funds to customers who are entitled to them.
• This process can take longer than if your money were held in an FSCS-protected bank account, because the insolvency practitioner must:
• identify and confirm all valid claims; and
• distribute the safeguarded funds in line with insolvency law.

You should also be aware that:

• The costs of the insolvency process (including the insolvency practitioner’s fees and associated expenses) may be taken from the safeguarded funds before they are distributed.
• As a result, you may not receive all of your money back, even though your funds were safeguarded.

Your safeguarded funds are held in safeguarding accounts with banks in the United Kingdom.
However, there are still some risks you should consider:

• Safeguarding is designed to protect you against DigiDoe’s insolvency.
• If a safeguarding bank itself were to fail, the outcome would depend on the insolvency process for that bank.
• There is no separate FSCS cover for your DigiDoe balance in that scenario, and recovery of funds may be delayed or only partial.

DigiDoe carefully selects its UK banking partners and monitors them on an ongoing basis to expect and prevent any risks that clients may experience, but this cannot be completely removed.

• Full details of what is and is not safeguarded, and exactly when safeguarding begins, are set out in our Client Terms & Conditions.