The UK Financial Conduct Authority (FCA) has issued a warning against the unauthorized payment processor Moneysmart (www.wearemoneyscmart.com), stating that it is not authorized to provide financial services in the UK. The operator of Moneysmart is UK-registered Pay Dashboard Services Ltd, with the British citizen Michael Binns registered as the beneficial owner. This person also operates the payslip portal Pay Dashboard (www.paydashboard.com).
The name Moneysmart is known in the scene as the website (https://moneysmart.gov.au) of the Australian regulator ASIC via which consumers are educated and advised in the area of personal finances. However, ASIC has nothing to do with the UK Moneysmart the FCA warned against. Apparently, founder Michael Binns (LinkedIn) is deliberately using the name to mislead potential customers.
In our review today, we were unable to register. In any case, you should avoid Moneysmart, which is not licensed in any regulatory regime to our knowledge. The FCA warns that Moneysmart clients will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so they are unlikely to get their money back if things go south.
