Regulation of online money (was Re: Don't use "BidPay"!!!!)

[Jonathan Laventhol]

Hi All --

Joe wrote:
>    A word to the wise; PP is not a bank and is therefore not regulated.
> They can do anything they want and you have NO recourse.

I believe that European money institutions are required to
be regulated, by the FSA -- same body as regulates banks,
insurance companies etc.

Quotes from their web sites:
   PayPal (Europe) Ltd. is authorised and regulated by the Financial
   Services Authority in the United Kingdom as an electronic money
   institution. PayPal FSA Register Number: 226056.

   NOCHEX Ltd is certified as a Small Electronic Money Issuer by
   the Financial Services Authority and as a Money Service Business
   by HM Customs & Excise.

Just an observation.  Couldn't find anything similar on paypal.com
nor bidpay.com.

Personally I've only used PayPal which has been very good and indeed
helped resolve a dispute where seller took the money but I
hadn't received the goods.

Regards from London.

Jonathan.