by hugginhill » Wed Nov 22, 2017 7:08 pm
The money seems to be held in a e-wallet provided by MangoPay SA - a Luxembourg regulated Electronic Money Institution which doesn't seem to feature on the UK's Financial Services Register although it is on the CSSF (Luxembourg) register. The terms and conditions actually refer to Leetchi Corp SA which is MangoPay SA's former name (it was changed in April 2016). Whilst it's not clear, I would guess the Barclays connection is that it provides the deposit facility which MangoPay SA uses to satisfy regulatory requirements - Electronic Money Institutions are required to match their liabilities to customers with deposits with "real" banks.
The crucial point is that anyone depositing money with MangoPay SA has no direct relationship with Barclays and therefore no recourse to the FSCS in the UK or it's equivalent in Luxembourg.
All far too complicated and opaque for a product designed for microsavers.