Treating our customers fairly and keeping their homes and investments safe are fundamental to how we work. Through careful design of our policies and procedures, and participation in the relevant redress and dispute resolution schemes, we strive to protect home buyers and investors alike.
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Checking we’re right for each customer
To invest using Allbricks, every investor must first pass a series of checks that help us verify their identity, confirm the appropriateness of Allbricks for them and make sure they understand the risks. This includes questions designed to guard against financial crime. Home buyers need to pass a similar series of checks, including affordability and standard tenancy checks.
Once customers have completed these checks, we also monitor ongoing transactions to help us identify and investigate any unusual activity.
Protecting customer funds
We do not hold our customers’ funds. Instead, we use a separate company called Modulr FS Limited (Modulr) to provide customers with electronic wallets and process transactions for the Allbricks platform. Modulr FS Limited is authorised by the Financial Conduct Authority as an electronic money institution under the Electronic Money Regulations (register reference 900573) for the issuing of electronic money.
Electronic money institutions like Modulr are not covered by the Financial Services Compensation Scheme (FSCS), which means that if Modulr were to become insolvent, the funds that it holds for you would not be covered by the FSCS. However, the FCA requires electronic money institutions such as Modulr to safeguard all customer funds by holding customer funds separate from any other funds it holds. The FCA also requires Modulr to hold an additional reserve from their own funds. In the event of Modulr’s insolvency, claims from Modulr’s customers for their electronic money will be paid in priority to claims from other creditors. However, it may take longer for money to be refunded than if the money was held at a bank.
Allbricks itself is not regulated by the Financial Conduct Authority as it does not carry out any regulated activities. This means that your investment in Bricks will not be covered by the FSCS in the event of the insolvency of Allbricks, nor will you have the ability to complain to the Financial Ombudsman Service if you are dissatisfied with our service.
Should Allbricks cease trading, any money in customers’ wallets would be returned to them by Modulr. Home buyers would also be given the choice to buy their home outright. If they decide not to, the property would be sold and the proceeds distributed to the home buyer and investors in proportion to the number of bricks they own.
Protecting homes and investments
Preventing fraud
We have a series of controls in place to prevent fraud. For example, customers must nominate a bank account in their name that they will use for all transactions, enabling us to prevent withdrawals to other accounts. We will never ask customers to make payments into any external accounts or to tell us their Allbricks password.
Managing properties
Our Property Management team is responsible for maintaining appropriate levels of building insurance and for keeping homes compliant with all relevant safety regulations. This includes arranging for annual gas servicing and electrical checks conducted by accredited professionals.
Our customers are further protected through our membership of the Property Redress Scheme (membership number PRS035625).This scheme is authorised by the Department for Levelling Up, Housing and Communities (DLUHC) and National Trading Standards Estate and Letting Agent Team (NTSEALT) to provide redress for consumers of estate, lettings and property management agents.
The scheme is designed to resolve or settle disputes and, where appropriate, to make an award as a result of any financial loss, or unnecessary aggravation, distress and/or inconvenience caused by the member.
Valuing properties
The surveyors we use to value and revalue Allbricks homes are all accredited by the Royal Institute of Chartered Surveyors (RICS). This not only assures the quality of the survey and valuation but also provides a formal means of redress in the event of any dispute.
Resolving complaints fairly
We are committed to investigating and resolving any complaints fairly and promptly, and all staff are trained to direct complaints to our dedicated team. For further information, please view our Complaints Procedure.