Being registered and approved by the Financial Conduct Authority (FCA) is an important requirement for any online payment processor.
This ensures security and protection to their consumers. What does this mean for your school? 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.
An FCA-approved company’s information appears on the Financial Services Register. This is a public record that holds details of companies, individuals and other bodies that are regulated by the FCA.
Why is it important to be FCA-approved?
Crucially for schools, the FCA regulates our online payment system, providing protection for parents under its jurisdiction
For authorisation and approval by the FCA, a financial service must adhere to strict rules and regulations to ensure the protection of 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
You can check the Financial Services Register to see if a company is regulated before parting with any money
Therefore, you benefit from the peace of mind, as we must follow comprehensive guidelines and procedures to ensure your money is in safe hands
You can be assured your parents’ money is “safeguarded”. It is held in a designated account that is separated from all other monies. Accordingly, we must follow the Financial Conduct Authority’s (FCA) strict rules.
So it’s important to only partner with a regulated supplier to deliver your school’s online payment facility.
Our Online Payments is regulated by the FCA
We take security very seriously. This is why our Online Payments module using SCOPAY is authorised and approved by the FCA.