How can I check if an account/broker is safe?

Doyin

i am looking at a expat Savings plan via Regency Assurance an international company, and say they are regulated by theFinancial Services Regulatory Commission(FSRC), how can I confirm and check before I send money. They also use Equals Money to transfer money.

eskbanker

In the UK, safety is effectively provided via Financial Conduct Authority authorisation and the associated Financial Services Compensation Scheme, but different bodies will be involved in protecting consumers in other jurisdictions.  Regency Assurance looks like some sort of insurance provider but without much clarity about exactly where they're actually based - do you have a link to the savings product you're considering?  Where do you live?  Which country's FSRC are you referring to?  

Johnjdc

Did you contact them or did they contact you? If they contacted you do you know for sure that you are speaking to the real Regency Assurance?

The Financial Services Regulatory Commission exists, but is a Caribbean regulator, not the UK regulator. It does, indeed, show a company called Regency Assurance Ltd on its list of regulated entities.

That's not the same as the FSCS, so while this may be a legitimate savings vehicle, there's no £85k protection if it goes wrong.

artyboy

I think the point is - if you are an expat yourself (otherwise why would you be looking at an expat savings plan), then it's likely you wouldn't be able to have a standard U.K. savings account with FSCS protections.

Instead you'd need to look at options in your location (or available to someone in your location) and then look at what regulatory protections apply in that jurisdiction. It's possible that if you advise where you are, there may be an expat or two on here that can offer you some suggestions, but as it's a U.K. focused board, don't hold your breath!

Johnjdc

artyboy said:

I think the point is - if you are an expat yourself (otherwise why would you be looking at an expat savings plan), then it's likely you wouldn't be able to have a standard U.K. savings account with FSCS protections.

Instead you'd need to look at options in your location (or available to someone in your location) and then look at what regulatory protections apply in that jurisdiction. It's possible that if you advise where you are, there may be an expat or two on here that can offer you some suggestions, but as it's a U.K. focused board, don't hold your breath!

The limit here would be the bank's rules not FSCS rules, I believe. My understanding is that if you have a UK savings account you get FSCS protection, wherever you are physically located.

artyboy

Johnjdc said:

artyboy said:

I think the point is - if you are an expat yourself (otherwise why would you be looking at an expat savings plan), then it's likely you wouldn't be able to have a standard U.K. savings account with FSCS protections.

Instead you'd need to look at options in your location (or available to someone in your location) and then look at what regulatory protections apply in that jurisdiction. It's possible that if you advise where you are, there may be an expat or two on here that can offer you some suggestions, but as it's a U.K. focused board, don't hold your breath!

The limit here would be the bank's rules not FSCS rules, I believe. My understanding is that if you have a UK savings account you get FSCS protection, wherever you are physically located.

Yes, that's true, but my point is that if the OP is an expat living abroad, there may be few if any U.K. based savings accounts available to them, so FSCS is a moot point. It's down to whatever protections exist in the jurisdiction of the bank/financial institution they are investing in - which in this case looks like somewhere in the Caribbean...

wmb194

Hmmm, I'm always suspicious of companies that don't list their address(es) on their 'contact us' page. It claims to have a UK contact number but a search of the Companies House website doesn't turn up any obvious company with the same or similar name that might be related.

Either way, looking around its website it seems pretty Mickey Mouse. Are there really no mainstream options? HSBC has a pretty good global reach.

jimjames

wmb194 said:

Either way, looking around its website it seems pretty Mikey Mouse. Are there really no mainstream options? HSBC has a pretty good global reach.

It raises the question for the OP, how did you find this company and what do they offer that HSBC or others don't?

Rollinghome

They seem extremely keen not to reveal an address.  Even their website is registered through a proxy: Domains By Proxy, LLC. Not so much as a virtual office address afaics.