5 min read.
News from Dozens

A little reassurance from us

2 April 2020

We hope you’re safe and well during this incredibly challenging time.

It’s natural at a time like this for people to be looking for reassurance on their finances.

We thought we could help with this simple reminder of the ways your Dozens account is protected and supported:

First and foremost, your money is always completely separated from our finances as a business

The licences with which we operate contain clear legal requirements to keep your money safe and separate from our company money. They also demand that if we ever needed to close, it must be in the form of an orderly, organised wind down. Which means that under no circumstances would you ever lose your money held with us due to us closing as a business.

We’re not telling you this as a reflection of our current situation (more on us later) but with the global economic uncertainty, it’s natural that all businesses are coming into question. So we thought it helpful to give you all the facts, so you feel informed, comfortable and confident.  

As for the protection around the particular financial products...

If you have Dozens Savings Plc’s 5% p.a. Fixed Interest Bonds, they are safe and not affected by market fluctuations. While they’re not FSCS protected or regulated by the FCA, the full amount of money you invested in bonds, plus the full 12 months interest, is placed in a separate trustee-controlled account on your behalf that can’t be accessed. This would be used to pay you in full in the event of any default. 

Please note that we will not be issuing new bonds for the next few months. We bear the risk of this product as a company so our customers don’t have to. In a time of such uncertainty, when all companies are having to reassess non-essential costs, it would not be prudent for us to go ahead with new issuances at the moment. For more information on this read our community post on the subject.


If you have money in Cash Savings, it is protected up to £85,000 by the Financial Services Compensation Scheme (FSCS) as the money is held with Bank of Scotland in a cash account through our investment licence.

Any money you have in your Dozens Current Account is securely held in a segregated account at a UK high street bank in accordance with FCA requirements and the Electronic Money Regulations 2011. Although FSCS protection is not available for any money held under this licence, your money is still ring fenced from Dozens’ and so would be returned to you in the event of any default by Dozens.

If you’re holding an investment with us, you are affected by current market volatility. But our 0.5% platform fee for investments won’t apply on days where the value of your portfolio closes below the total amount you’ve invested. This is something we as a company have always offered as part of our promise to ‘only do well when you do well’. 

As an investor in ETFs you know your capital is at risk, and depending on when you decide to sell, you may not get back the amount you originally invested, but if the current market has made you feel less confident, why not have a read of our blog about dealing with a drop as a first time investor

The Wearedozens community is always here to help, providing a safe space and welcome escape to ask questions, talk about financial wellbeing and share thoughts, ideas and experiences. Everyone is welcome to pop in – even if just for a chat.

So, what about us as a company?

Due to Covid-19 all businesses are thinking about how this will impact them and the economy in the long term, but in the short term we as a company are not as immediately affected as others.

We’re very well equipped for this. The amount of planning we’ve done as a startup has been a blessing. We regularly consider and plan for sudden changes in our situation, so as recent events have played out we’ve been able to quickly respond and smoothly manage the situation. 

Everyone on the team, and their families, are safe and supported. We are now 100% remote, and given our continuous disaster recovery and contingency planning drills, were able to complete the transition within 48 hours.

We do hope you and your loved ones are safe and supported too. Maintaining this isolation is important, but it can be tough, so if there is anything particular we as a company can do for you or your community please let us know. We will be sharing useful tips and tools on the Wearedozens community and chatting to as many customers as possible. Please don’t hesitate to come by for a chat and say hi!

And finally, for those of you who have so kindly asked on the community and other channels about how you can help us out – as a business, we continue to monetise when you use the Dozens card, send money internationally or keep money with us across your Current Account, Cash Savings, Bonds and Investments. Thanks to you, we’re now past 35,000 customers, and growing around 10% month-on-month purely through word of mouth.

So, just keep using your Dozens account and spread the word – positive reviews and social shares help us massively!  

Dozens is not a bank. Dozens is a trading name of Project Imagine Limited which is a company authorised by the Financial Conduct Authority (FCA) as an e-money institution (FRN 900894) and also as an investment firm (FRN 814281). 

Bonds are not FCA regulated products, and FSCS protection does not cover the bonds. Dozens’ Fixed Interest Bonds are allocated, issued and administered by Dozens Savings Plc. The interest offered by Dozens’ fixed interest bonds will not fluctuate even in different market conditions. All of your money to be invested, plus the full 12-months interest, will be placed in a separate trustee-controlled account on your behalf. This would be used to pay you in the event of any default. The bond programme currently has a maximum limit of £7m, with expected issuance volumes of between £100k-£1m a month.