Undoubtedly, FCA approved online payments are an important requirement for any online payment processor. Registering and gaining approval from the Financial Conduct Authority (FCA) provide your school with security.
This ensures security and protection for all payments. 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. This is a public record. It contains details of the companies, individuals, and other bodies that the FCA regulates.
Why FCA approved online payments are important
Crucially for schools, a regulated online payment system ensures that the FCA protects their parents.
The FCA authorises and approves a financial service by enforcing strict rules and regulations to protect consumers, businesses, and the financial industry itself.
What does it mean for my school and parents?
Whether you are 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 determine whether a company is regulated. Before you decide to part with any money
- Peace of mind that we are following comprehensive guidelines and procedures to ensure your money is in safe hands
We will “safeguard” your parents’ money. All payments are held in a designated account, which is kept separate from all other funds. 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.