Moneyboat and FCA Authorisation

Moneyboat’s regulatory status

Moneyboat is a trading name of Evergreen Finance London Limited, which is authorised and regulated by the Financial Conduct Authority (FCA), under Firm Reference Number 674154.

FCA authorisation is a regulatory status, not an endorsement of Moneyboat or its products. This page explains what that status means, the standards that apply to authorised consumer credit firms and how you can independently check our details.

What is the Financial Conduct Authority (FCA)?

The Financial Conduct Authority is the UK regulator responsible for supervising financial markets and many of the firms that provide financial products and services. Consumer credit lending is one of the regulated activities that fall within its remit.

In the UK, firms carrying out regulated financial services activities generally need to be authorised or registered by the FCA, unless an exemption applies. Authorised firms must meet relevant standards and have permission for the regulated activities they carry out. The exact permissions held by a firm can be checked on the Financial Services Register.

What does FCA authorisation mean?

For Moneyboat, FCA authorisation means Evergreen Finance London Limited has permission to carry out the regulated activities shown on its FCA record and must follow the rules that apply to those activities. It also remains subject to FCA supervision.

Having authorisation does not mean that the FCA has assessed or recommended an individual loan for you. You should still consider the cost, repayment schedule and whether borrowing is appropriate for your circumstances.

Lenders also have their own responsibilities. Before entering into a regulated credit agreement, lenders must carry out an appropriate assessment of the customer’s creditworthiness, including the risk that repayments could have a significant adverse impact on their financial situation.

Creditworthiness and affordability must be considered

Before entering into a regulated credit agreement, a lender must carry out an appropriate assessment of creditworthiness. For consumer lending, this includes considering the risk to the lender and the risk that the customer may not be able to make repayments without experiencing financial difficulty.

Moneyboat carries out a creditworthiness assessment on applications, including an assessment of affordability. Approval is not guaranteed, and an application may be declined where the assessment does not support lending.

Customers must receive information about the agreement

Regulated lenders must provide certain information and adequate explanations before a customer enters into a credit agreement. This is intended to help customers understand the agreement and decide whether they wish to proceed, taking into account their needs and financial circumstances.

Before accepting a Moneyboat loan offer, customers can review information including the amount borrowed, repayment amounts and dates, interest, APR and total amount repayable.

Moneyboat has a guide to APR and interest rates if you want to understand how these figures differ.

FCA rules also apply when customers experience financial difficulty

FCA rules do not stop once a loan has been issued. Consumer credit firms also have obligations regarding how they treat customers in arrears or experiencing financial difficulty. If you are worried about making a Moneyboat repayment, contact us as early as possible so we can understand your circumstances and explain what support may be available.

How to check whether a lender is FCA-authorised

You do not need to rely on a lender’s website to confirm its regulatory status. The FCA provides public tools that allow consumers to independently check firms.

When checking a lender:

• Search for the firm using the FCA Firm Checker or Financial Services Register.
  
  
• Check that the legal name and Firm Reference Number match the details given by the lender.
  
  
• Review the firm’s permissions to see which regulated activities it is authorised to carry out.
  
  
• Check the contact details on the FCA record, particularly if somebody has contacted you unexpectedly.
  
  
• Be cautious if a business claims to be authorised but you cannot match it to the FCA’s records.
  

Fraudsters can also imitate genuine firms, sometimes called “clone firms”. Checking the contact information on the FCA record can therefore be as important as recognising a familiar company name.

Moneyboat, short-term credit and FCA regulation

Moneyboat is a UK direct lender providing high-cost short-term instalment loans, which are repaid in fixed instalments over 2 to 6 months. Applications are subject to a creditworthiness assessment, including an assessment of affordability.

Before considering any form of borrowing, it is important to understand how much it will cost and whether the repayments could leave you struggling to cover essential expenses such as rent, bills, food or other financial commitments.

High-cost short-term credit is designed to be repaid over a short period and can be expensive. It is not suitable for sustained borrowing over a longer period or as a solution to ongoing financial difficulty.

If you are considering borrowing, our guide to short-term loan options explains some of the different forms of credit and alternatives you may want to compare.

What FCA authorisation does not mean

It is just as important to understand the limits of FCA authorisation. Being authorised and regulated does NOT mean:

• The FCA recommends any business it has authorised, including Moneyboat, or the products those businesses offer.
  
  
• A particular loan is right for your circumstances.
  
  
• An application will be approved.
  
  
• Borrowing is risk-free or repayments will always be affordable.
  
  
• You should choose a lender solely because it displays its FCA status.
  

FCA authorisation describes the firm’s regulatory status. Your decision about whether to borrow should be based on your own circumstances and on the terms and costs of the specific agreement you are considering.

FAQs about Moneyboat and FCA authorisation