What is 'safeguarding' and how does it affect money held on my Centtrip account?

Stephanie Boukhari
2026-03-31T21:05:36Z

What is safeguarding?

Safeguarding is a set of regulations set out by the FCA that defines how an e-money institution must protect your money. Safeguarding applies to all customers; there are no eligibility criteria to meet.

Under safeguarding, once an e-money institution like Centtrip receives your money, it must do one of the following:

Place your money in a separate, dedicated, safeguarding account with a bank,

Invest your money in low-risk assets that have been approved by the regulator,

Protect your money with an insurance policy.

Your money must be kept in these accounts or investments, or insured, until you decide to spend it.

At Centtrip, all customer money is placed directly into a safeguarding account. Safeguarding means that, should an e-money institution fail, the money held in the safeguarding account will be used to pay customers the money they are owed. Safeguarding accounts are protected by law from other creditors. The only thing that can be paid from them before customers are paid back their money, are costs taken by the administrator or liquidator of the EMI.

In what ways is safeguarding different from FSCS protection?

UK-authorised banks, building societies or credit unions are protected by the Financial Services Compensation Scheme (FSCS), an independent statutory organisation. If one of these firms fails or become insolvent, the FSCS will protect your money to a maximum of £85,000 per depositor. The pay-out normally happens within seven days.

If an e-money institution fails, customers’ claims will be paid from the safeguarding account. Provided the e-money institution has complied with safeguarding regulations, customers should get all of their money back (subject only to administrators’ or liquidators’ costs). The pay-out could take longer than seven days.

Where to learn more

You may find these resources useful:

The FCA’s letter to e-money institutions

Information about safeguarding on the FCA’s site

More on the Financial Services Compensation Scheme (FSCS)

More about Electronic Money Institutions on the FCA website

About Centtrip

Centtrip Limited is an Electronic Money Institution authorised and regulated by the Financial Conduct Authority (FCA; FRN 900717). For more information on EMIs please visit the FCA’s website.

The Centtrip Prepaid Mastercard is issued by PFS Card Services (Ireland) Limited (PCSIL) pursuant to a licence from Mastercard International Incorporated. Centtrip Limited is an Authorised Distributor of PCSIL which is regulated and authorised by the Central Bank of Ireland, registration number C175999 for the issuing of electronic money.

The PCSIL registered address is Front Office, Scurlockstown Business Park, Trim, Co. Meath, C15 K2R9. Centtrip Limited is based in the United Kingdom and registered at 1 Mark Square, London EC2A 4EG. Company number 08651138.

Centtrip’s full Terms & Conditions can be found here.