Glint is an EMI. What this means for you: By design Glint is not a bank or credit institution. It is an EMI (Electronic Money Institution) and considered by the FCA to be a non-bank payment provider. Glint is not included in the UK’s Financial Services Compensation Scheme (FSCS). The FSCS is a scheme for authorised banks, building societies and credit unions only. As a non-bank payment provider, Glint is required by regulation to protect your money. Customer 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’.
How we safeguard your money:
Safeguarding is a key consumer protection measure. Glint is proud to safeguard your money. We keep your money in designated, segregated accounts. This separates customer money from Glint corporate funds and Glint corporate accounts.
What does Safeguarding mean?
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). We have various obligations such as:
- safeguarding your money starts immediately on receipt of funds;
- maintaining organisational arrangements that are sufficient to minimise the risk of the loss of Safeguarded fund through fraud, misuse, negligence or poor administration;
- performing daily reconciliations to ensure that we have accurate records and accounts.
For further information please follow this link to the FCA’s website: https://www.fca.org.uk The FCA has information available to help consumers understand the differences between a bank account and an e-money account, the protections provided in each case, and what to do if FSCS protection is important to you.
Gold For the avoidance of doubt, this information relates to safeguarding customer fiat money (GBP, EUR and USD), received in relation to e-money issued or payment services provided by Glint.
Gold is not regulated by the FCA. Customer gold is physical gold bullion that is legally allocated to each customer, stored in a Brink’s vault in Switzerland and insured by Lloyds of London. Customers have constructive possession of their Gold under law. Glint customers can be confident that their Gold is safe, at all times.