22 Sep
2005
22 Sep
'05
5:43 a.m.
Hi All --
Joe wrote:
A word to the wise; PP is not a bank and is
therefore not regulated.
They can do anything they want and you have NO recourse.
I believe that European money institutions are required to
be regulated, by the FSA -- same body as regulates banks,
insurance companies etc.
Quotes from their web sites:
PayPal (Europe) Ltd. is authorised and regulated by the Financial
Services Authority in the United Kingdom as an electronic money
institution. PayPal FSA Register Number: 226056.
NOCHEX Ltd is certified as a Small Electronic Money Issuer by
the Financial Services Authority and as a Money Service Business
by HM Customs & Excise.
Just an observation. Couldn't find anything similar on paypal.com
nor bidpay.com.
Personally I've only used PayPal which has been very good and indeed
helped resolve a dispute where seller took the money but I
hadn't received the goods.
Regards from London.
Jonathan.