Chip & FSCS

newjos

In the small print CHIP+1 claim to be supported by FCA (True they are registered) but then claim to be supported by FSCS compensation scheme. CHIP claim money held in E-wallet is covered by Prepaid Financial Services Ltd for whom they are an agent. For investment product business CHIP is a representative of P1 Investment Management Ltd. Finally there is mention of Clearbank. Not a single one of these 4 are covered by the FSCS! Please can someone clear this up because I frankly can't understand precisely who is holding the money. Before investing a lot of money I opened an account (No account number given???) put a small amount in then withdrew it. Back in my bank same day so I felt a bit easier until I started looking at the FSCS web site. No one is covered! This really does need to be checked. I wanted to contact Martin Lewis but this is the only way I can see of doing so.

eskbanker

newjos said:

In the small print CHIP+1 claim to be supported by FCA (True they are registered) but then claim to be supported by FSCS compensation scheme. CHIP claim money held in E-wallet is covered by Prepaid Financial Services Ltd for whom they are an agent. For investment product business CHIP is a representative of P1 Investment Management Ltd. Finally there is mention of Clearbank. Not a single one of these 4 are covered by the FSCS!

ClearBank is - their FCA register entry is https://register.fca.org.uk/s/firm?id=001b000003TEU71AAH

The MSE savings article refers to this too, at https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#chip:

The money you put in is fully UK savings-safety protected but the interest you get isn't. Chip has partnered with ClearBank to run its Chip+1 account. As ClearBank has a full UK banking licence, money held there gets the normal UK savings safety protection like other savings. 

newjos said:

This really does need to be checked.

Yes, you should have done....

newjos said:

I wanted to contact Martin Lewis but this is the only way I can see of doing so.

Martin Lewis has very little day to day involvement with this site so won't read forum posts, but is active on Twitter, etc, if you feel the need to try to enter into some sort of dialogue with him personally....