What is an FCA Regulation?
jumblebee takes the security of the funds it collects on behalf of its users very seriously and to ensure the safety of these funds, they are stored in accounts regulated by the Financial Conduct Authority (FCA). These accounts are safeguarded and kept separate from jumblebee’s business account, guaranteeing the complete security of all collected funds.
How did jumblebee become FCA Regulated?
An extensive and rigorous process must be followed by any institution before it can be regulated by the UK's FCA.
jumblebee had to first apply to the FCA and include information about its operations, business model, and the specific regulated activities it planned to engage in. This application was accompanied by a wealth of supporting information, such as our strategies, financial statements, compliance protocols, and risk management frameworks.
The FCA carefully examined these documents, assessing our organisational structure, financial soundness, and capacity to satisfy regulatory requirements. The FCA also carefully examined jumblebee's key personnel to make sure they had the knowledge, experience, and moral character needed to run a regulated organisation.
Why is being FCA Regulated important for jumblebee?
FCA regulation gives consumer protection top priority during this process. Throughout the application process, jumblebee was expected to show a dedication to treating customers fairly and providing information in a transparent manner.
jumblebee is subject to continued inspection to make sure that we're still adhering to the authority's rules and regulations. This rigorous procedure makes sure we uphold only the greatest standards for our users and their funds.
jumblebee is an FCA regulated small payment institution with the registered number 718728.
If you'd like to know more, please get in touch at support@jumblebee.co.uk.
