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Risk Warning - Notice to UK Users  

Estimated reading time: 2 mins

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

What are the key risks?

1.You could lose all the money you invest

The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in crypto assets.

The crypto asset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.

2.You should not expect to be protected if something goes wrong

The Financial Services Compensation Scheme (FSCS) doesn’t protect this type of investment because it’s not a ‘specified investment’ under the UK regulatory regime – in other words, this type of investment isn’t recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker here.

The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm. Learn more about FOS protection here.

3.You may not be able to sell your investment when you want to

There is no guarantee that investments in crypto assets can be easily sold at any given time. The ability to sell a crypto asset depends on various factors, including the supply and demand in the market at that time.

Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your crypto assets at the time you want.

4.Cryptoasset investments can be complex

Investments in crypto assets can be complex, making it difficult to understand the risks associated with the investment.

You should do your own research before investing. If something sounds too good to be true, itprobably is.

5.Don’t put all your eggs in one basket

Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.

A good rule of thumb is not to invest more than 10% of your money in high-risk investments. Learn more here.

If you are interested in learning more about how to protect yourself, visit the FCA’s website here.

For further information about cryptoassets, visit the FCA’s website here.

Important update: Exciting fiat accounts update for Tap

An exciting fiat accounts update is on the way for Tap.

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Dear Tappers,

We are delighted to inform you of significant enhancements coming to your account, as we have successfully partnered with a UK FCA regulated provider to revolutionise your financial experience.

We have some fantastic news to share! Our quest to find the perfect banking partner is complete, and we are thrilled to announce that we've joined forces with a UK FCA regulated provider to elevate your financial experience with added benefits.

Please find below a summary of the upcoming changes:

  1. Seamless Transition: We have diligently worked to ensure a smooth and unnoticeable transition, allowing you to continue using our services without interruption.
  2. Enhanced Features: Our new partner brings a wealth of innovative features, designed to make your user experience on our platform more intuitive and enjoyable.
  3. Robust Security: Your financial information remains a top priority, and with our new partner's industry-leading security measures, you can have peace of mind knowing your data is well-protected.

Please note that as a result of this upgrade, your account will receive new IBAN, Sort Code, and Account Number details for Euro and GBP payments, respectively.

🚨 Important: Please refrain from sending funds to your old accounts, as they will be returned to you. Ensure that you update your payment details in the bank accounts you use to transfer funds to your Tap account.

We understand that change can be as intimidating as karaoke night, but we are confident that this transition will be both positive and seamless for you.

Our friendly support team is here for you, ready to provide assistance.

Thank you for being a valued member of our community. We're excited to embark on this new chapter together!
‍
Sincerely,

The Tap Team

James
James
Disclaimer

This article is for general information purposes only and is not intended to constitute legal or other professional advice or a recommendation of any kind whatsoever and should not be relied upon or treated as a substitute for specific advice relevant to particular circumstances. We make no warranties, representations or undertakings about any of the content of this article (including, without limitation, as to the quality, accuracy, completeness or fitness for any particular purpose of such content), or any content of any other material referred to or accessed by hyperlinks through this article. We make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up-to-date.

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