Being registered and approved by the Financial Conduct Authority (FCA) is an important requirement for any online payment processor.
This is to ensure security and protection to their consumers - but what does this mean for your school, and how does it benefit both you and your parents?
What is the FCA?
The FCA, is an independent regulatory body for all financial services and institutions throughout the UK.
When a company becomes FCA-approved, their information appears on the Financial Services Register, which is a public record that holds details of the companies, individuals and other bodies that are regulated by the FCA.
Why is it important to be FCA-approved?
Crucially for schools, an online payment system that is regulated by the FCA means that parents are protected under the FCA.
To be authorised and approved by the FCA, a financial service must follow strict rules and regulations in order to protect consumers, businesses, and the financial industry itself.
What does it mean for my school and parents?
Whether it’s depositing funds for school dinners, or transferring money to pay for a school trip, parting with money can be nerve-wracking. But using an FCA-regulated financial service, like Tucasi’s Online Payments system, offers the following reassurances:
Protection if a payment were to go wrong
Ability to check the Financial Services Register to see if a company is regulated before parting with any money
Peace of mind that we are following comprehensive guidelines and procedures to ensure your money is in safe hands
Your parents' money is "safeguarded" by being held in a designated account that is separated from all other monies. We must follow the rules outlined in the Financial Conduct Authority's (FCA) strict rules.
It’s important to only partner with a regulated supplier to deliver your school’s online payment facility.
Online Payments is regulated by the FCA
We take security very seriously, which is why our Online Payments module using SCOPAY is authorised and approved by the FCA.