Posted in: Tattle, Technology

Banking apps: what do they offer – and how is your cash protected?

A string of online services provide products similar to banks, but they may not be regulated in the same way

When the Financial Conduct Authority ordered the UK arm of payments firm Wirecard to freeze customer funds, hundreds of thousands of people who had probably never even heard of the company suddenly found they could not access their cash.

Customers of several UK banking and payment services, including FairFX, Pockit, U Account and Anna Money, were told that their money was caught up in the regulator’s action against the firm, leaving some unable to buy food or pay bills.

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