Glint administration

nick1234

Hi

I currently have a Glint card which held Gold and today i read they are in administration?? Their site always said that your Gold equivalent is held in a vault in Switzerland so if they go bust you are covered

https://glintpay.com/help/gold-stored-located/

A bit worried but the above suggests its protected??

antrobus

FCA announcement here;
https://www.fca.org.uk/news/news-stories/information-customers-glint-pay-services-ltd

As an EMI, safeguarding applies, so your £2k should be safe in a designated client account.

markj113

I used my remaining balance for an online purchase yesterday and it all went through fine.

Jemeriah

Downloaded app added funds,converted half to Gold, found out in administration, attempted to remove funds, now app indicates zero balance,likewise bank a/c indicates zero deposits, no mastercard , searching for positives,.. app worked flawlessly for one night.

Malthusian

Glint wrote:

Gold is the most reliable form of money. Independent and incorruptible, its value is recognised everywhere.

lol

I sincerely hope that when the administrators open the vault in Switzerland, everyone's gold is there.

markj113

Malthusian wrote: »

lol

I sincerely hope that when the administrators open the vault in Switzerland, everyone's gold is there.

There were daily independant audits so it should be.

System

"Gold app Glint collapses just months after fundraising"
https://www.ft.com/content/48ce96a8-decb-11e9-b112-9624ec9edc59

sal_III

markj113 wrote: »

There were daily independant audits so it should be.

When was the last audit, before or after they filed for administration....

nick1234

markj113 wrote: »

There were daily independant audits so it should be.

How do you know?

If they followed the fca safeguarding rules which initial indicators are that they did, there should be no problems with client money, but investors will lose out.

Also dont forget administration doesnt mean liquidation, it appears one creditor has called his loan in hence forcing administration