Any un-lent funds deposited in your Lender account are held by our bank in a designated client account and ring-fenced from the assets of FundingKnight. These funds would therefore continue to be separate from FundingKnight Ltd and not available to its creditors. In the event that FK ceases to trade, we have appointed Complete Cash Management Limited to administer the collection of loan repayments and apportion them to the relevant Lenders.
In the event that the bank holding your funds should get into difficulties then your cash is protected by the Financial Services Compensation Scheme, even if you have committed it in our auctions. However the Financial Services Compensation Scheme does not apply to funds invested in loans. To read more about understanding the risks – visit the page ‘Understanding the risks’