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United Kingdom
2011 (15 Years)
Last online: No recent activity
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This company is currently Unproved.
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License
A Grade License
Issued by globally renowned regulators, these licenses ensure the highest trader protection through strict compliance, fund segregation, insurance, and regular audits. Dispute resolution and adherence to AML/CTF standards further enhance security.
B Grade License
Granted by respected regional regulators, these licenses offer robust safety measures such as fund segregation, financial reporting, and compensation schemes. Though slightly less strict than Tier 1, they provide dependable regional protection.
C Grade License
Issued by regulators in emerging markets, these licenses offer basic protections such as minimum capital requirements and AML policies. Oversight is less stringent, so traders should exercise caution and verify safety measures.
D Grade License
From jurisdictions with minimal oversight, these licenses often lack key protections like fund segregation and insurance. While attractive for operational flexibility, they pose higher risks to traders.
Get to know safetynet credit
Company Information
Get to know safetynet credit
SafetyNet Credit, a trading name of Indigo Michael Limited, offered a form of high-cost short-term credit designed as an alternative to payday loans or unarranged overdrafts. Its core product was a revolving line of credit that allowed customers to borrow up to an approved limit, with repayments and interest calculated based on the amount drawn. The service was notable for its use of Open Banking technology to monitor a customer's balance and automatically provide funds to prevent payments from bouncing. However, the company faced significant financial difficulties, leading it to cease lending and enter administration in January 2023. This followed regulatory scrutiny over affordability checks, which resulted in a court-approved Scheme of Arrangement to provide redress to affected customers.
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