I’ve seen that Chip is an agent of Prepaid Financial Services Limited. What does this mean exactly?
Gerard, Chip’s Chief Compliance Officer, here.
Our principal, Prepaid Financial Services Limited (“PFS”), is authorised by the FCA to issue e-money. Being their agent means that we can issue and redeem e-money. Currently your Chip savings are stored as e-money and held in a ring-fenced bank account (NB not FSCS protected).
I hope this answers your question.