Is Tally covered under the Financial Services Compensation Scheme?
Your Tally Account is not covered by the Financial Services Compensation Scheme (FSCS). The FSCS is an independent statutory organisation that reimburses customers holding fiat currency (i.e. pounds) up to a maximum of £85,000 (or £170,000 in the case of joint accounts) with a bank that fails.
With Tally, the asset that underpins the money (i.e. physical gold) is real, and it’s all there, in a Brink’s vault in Switzerland, held on behalf of Tally customers under a custodial arrangement with the added protection of a security trustee structure.
In the unlikely event that anything happens to TallyMoney Ltd (or its parent entity Tally Ltd), all of the gold represented as tally in customer accounts will promptly be sold by the Security Trustee (Woodside Corporate Services Ltd, FCA Ref No. 467652), and the fiat value of each customer account, less a 1% fee, will be deposited into the customer’s designated bank account. What’s the 1% for? This pays for the legal mechanism that would come into play and the prompt and efficient administration of returning customer money by the Security Trustee. No limits, no caps, just peace of mind.