Are you covered by the FSCS?
No. The FSCS (Financial Services Compensation Scheme) covers UK banks to ensure that you will get a certain amount of your money back if a bank goes bust. This is needed because banks use your deposited funds to make investments and loans, so your money is not always actually in the bank.
RoosterMoney do not invest or lend any of the money that you deposit with us. We are required by strict FCA regulations to ‘safeguard’ all of our users’ money by holding it in a separate ring fenced account with one of the UK’s top banks, NatWest. This means that your money is always there, and the FSCS isn’t needed.
If RoosterMoney went bust, our creditors would not be able to access any of your money due to it being safeguarded. The Financial Conduct Authority would simply distribute all of the funds back to our users.