Keeping your money safe is our number one priority. So we have extensive protective measures in place.
1. We’re FCA regulated
Prosper Savings Limited is authorised and regulated by the Financial Conduct Authority, registration number 991710.
We’re also registered with the Information Commissioner’s Office (ICO) as a data controller, under number ZB467772, and adhere to regulations set out by the Data Protection Act 2018.
2. Your assets are held in a separate nominee company
Prosper never touches your money. It’s securely held by Seccl Custody Limited (FCA authorisation number 793200), who is our third-party custodian. Your money is sent directly to and from our custodian.
A UK custodian is an FCA-authorised and regulated company that legally holds financial assets and money on your behalf. Custodians are legally required to have safeguards and procedures to protect your assets.
The legal structure of custody ensures that your assets are segregated, or ring-fenced, from company assets. So if they go out of business, your money is safe.
Seccl custodies £1.832 billion of assets for over 172,000 clients. They are fully owned by Octopus Group (FCA authorisation number 194779), a group of companies that includes Octopus Investments, Octopus Energy and Octopus Ventures.
3. Your assets have government protection
Your assets are protected by the government’s Financial Services Compensation Scheme (FSCS). So if we, or Seccl, go out of business, you’re entitled to compensation of up to £85,000 from the scheme.
And if Prosper were to stop trading, your investments would be unaffected and remain invested in the investment products you have chosen.
We would propose a new pension provider and give you 30 days notice in case you wanted to choose a new provider yourself. After 30 days, we would then instruct our custodian where to transfer your savings.
If you're still unsure about opening an account, you can consult the ScamSmart website and get free, independent advice with PensionWise.
Footnote: The numbers mentioned in this section are accurate as of 10 April 2024.