I wanted to open a savings account, but decided to check the company's status for this product/service with the FCA (Prosper Savings Limited, Firm reference number: 991710. This reference number matched the one on Prosper's website, quote: "Prosper Savings Limited is authorised and regulated by the Financial Conduct Authority (FCA) under registration number 991710", so that's the right one).FCA website had the following options to select from: 1. Bank accounts, for example, current and savings accounts.2. Borrowing money, including credit cards, hire, credit broking and debt advice.3. Claims management.4.Insurance, including funeral plans.5.Investments, including pension plans.6.Mortgages, including other home finance options.7.Payments and e-money, for example, online wallets and money transfersI selected savings account. The result: NO PERMISSIONS with a clarification that "Although this firm is authorised, it doesn't have permission for the product or service you selected. You should avoid dealing with this firm for this product or service."This firm only have "SOME PERMISSIONS" for pensions, with a clarification by the FCA that the firm can only "Arrange investments, for example, by passing your orders to a third party to carry out."I would not risk investing my money with this company.
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Prosper was founded to bring More for You by maximising our members’ potential wealth. We provide pensions, investments (both public and private) and savings accounts that have clear charges.
And we keep them low.
With Prosper’s flexible Stocks and Shares ISA, you get:
No platform or transfer fees
Refunded fund fees on over 30 top ETFs (BlackRock, Vanguard and more)
Real human support when you need it
Our pensions (Self Invested Pension Plans) are also free to open and free to fund.
We charge no platform or transfer fees to move your existing pensions or ISAs to Prosper.
We have market beating cash savings rates on fixed, easy access and notice accounts and again, we take the absolute least possible interest for ourselves that we can so that we can pass on as much value to you as possible.
Recently we have brought our members private markets funds and we intend to much more in the app to bring private markets to our sophisticated investors with a simple interface.
Our members benefit from zero fee access on 30 index funds from the world's leading asset managers, zero platform fees and zero transaction fees. In the future, we will charge members a fair platform fee and low, fair and transparent fees for any other investment products we think represent great value.
Prosper founder and CEO Nick Perrett and Chairman Ricky Knox have previously worked together building Tandem Bank. The company is backed by the founders of Monzo, Capital One and Admiral and other leaders in financial services.
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