@Anonymous_User
Nope you are wrong they are not regulated anymore by the FSA and they have confirmed this on here as well.
You may well have a complaint going through the ombudsman however as they are allowed to investigate companies that used to be regulated with them as well as current ones, however that is not what you said, you said they were still regulated by the FSA and they are not.
Also its best to go to the actual regulators if you want to make a complaint which is what i have already advised.
**********************************************************
PayPal announced this morning they are to become a bank headquartered in Luxembourg known as PayPal Europe SÃ rl & Cie, SCA (PayPal Luxembourg). All European PayPal accounts will be transferred to the new Bank on 2nd July.
The Bank of PayPal should gain a huge boost in momentum against their nearest competitors which in the UK are Nochex and more recently Google Checkout. Nochex has remained a smaller player, although popular – Checkout is merely a “Checkout flow for existing payment methods”. The irony is in the near future it could be possible to click through Google Checkout with your PayPal bank card – it’s already possible to use Google Checkout with your PayPal credit card (although it’s an affiliate card though GE Capital Bank Limited). Many larger retailers don’t accept PayPal services but the change from an electronic money issuer to a banking institution could make them a more attractive proposition.
The change also means that they’ll no longer be regulated by the FSA but will be regulated as a bank by the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg equivalent of the FSA.
Advice is voluntary.
Kudos / Solution appreciated.
