Can the FSCS scheme also protect me when transferring money overseas?

The Financial Services Compensation Scheme (FSCS) is there to protect your money if the financial institution holding it folds. If the international money transfer provider you used was authorised by the FCA when you send your money overseas, then you could possibly claim it back. Visit the FSCS website to make a claim.

What is FCA authorised?

Any company that is FCA authorised must safeguard your money by keeping it separate from company funds. This is different from FCA registered, where the company only needs to show the FCA that it is based in the UK and that none of its managers have been convicted of financial crimes.

What's required in order for a company to be approved by the FCA?

It can take around six months for a company to be approved by the FCA. Financial companies are appointed a case officer, who will help them to understand the correct requirements and procedures. Senior employees within the company also need to be approved.

How do you check if a company is regulated by the FCA?

You can check if a company is registered or authorised by the FCA by taking a look at its Financial Services Register .

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Anna Kierstan

Associate editor

Anna Kierstan is an associate editor at Finder, specialising in money transfers and cryptocurrency. She has more than 15 years’ experience in publishing and journalism, working as an editor for brands including HSBC, Which?, NFU Mutual, Weight Watchers and AXA. She has a first-class degree in Linguistics and Philosophy from University College London and Masters degrees in Journalism and Translation. She likes to collect art and animals.