How Prosper Protects Your Money
At Prosper, we understand that entrusting your money with a financial institution can be a daunting decision. That's why we want to assure you that your money is safe and secure with us. We are regulated by the Financial Conduct Authority (FCA) for investments and the Financial Services Compensation Scheme (FSCS) for cash savings, providing you with double protection for your funds.
FCA Protection for Investments
The FCA is an independent regulatory body that oversees the financial services industry in the UK. As a regulated firm, we are required to adhere to strict rules and regulations set by the FCA to ensure the protection of our customers' investments. This includes maintaining adequate capital reserves, conducting regular audits, and providing transparent and accurate information to our customers.
FSCS Protection for Cash Savings
The FSCS is a government-backed compensation scheme that protects customers' cash savings in the event that a financial institution goes out of business. This means that if Prosper were to become insolvent, the FSCS would step in to reimburse you for any eligible deposits up to £85,000 per person, per institution.
What Happens to Your Money if Prosper Goes Out of Business?
In the unlikely event that Prosper goes out of business, your money will still be safe and accessible. If you have investments with us, they will be transferred to another regulated firm or returned to you. If you have cash savings, the FSCS will reimburse you for up to £85,000 per person, per institution.
How to Retrieve Your Money
If you need to retrieve your money from Prosper, you can do so easily through our online platform. Simply log in to your account and follow the instructions to withdraw your funds. If you have any trouble, our customer support team is available to assist you.
At Prosper, we take the security and protection of our customers' money very seriously. With our double protection from the FCA and FSCS, you can have peace of mind knowing that your money is in safe hands. If you have any further questions or concerns, please don't hesitate to contact us.