Security you can check for yourself.
Your money is held by Transpact, a payment provider authorised by the Financial Conduct Authority, never by Covarah. Everyone who pays or gets paid is identity-checked. And your data is handled under UK GDPR.
- Your money is held by
- FCA Firm Reference Number
- HMRC Money Services Business registration
- Money held by Covarah
Your money is held by Transpact, not by us.
All payments are held by Transpact, authorised and regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 (Firm Reference Number 546279), and registered with HM Revenue & Customs as a Money Services Business (registration number XXML00000165471).
Each stage is paid into escrow with Transpact before work on it starts, and stays there until the homeowner approves the stage and releases the payment.
Covarah is the platform your project runs on. We never hold, receive or control your money.
Check both registrations yourself
- Search the FCA Register (opens in a new tab) for Firm Reference Number 546279.
- Check HMRC’s money laundering supervision register (opens in a new tab) for registration number XXML00000165471.
What that means for your money
Regulation isn’t a badge. It puts real obligations on the company holding your money.
Safeguarded by law
As an authorised payment provider, Transpact is legally required to safeguard the money it holds for its customers.
Held to the FCA’s standards
Transpact has to meet the FCA’s capital requirements and follow the UK’s anti-money laundering rules.
Released only with approval
A stage’s money is released only after the homeowner approves the work, or as the outcome of the dispute process. Neither the builder nor Covarah can take it.
Held through any dispute
If something’s disputed, the money stays in escrow until it’s settled. Neither side loses it while the dispute is open.
Know who you’re dealing with
Everyone who pays or gets paid is identity-checked by Transpact (FCA FRN 546279): the homeowner paying each stage in, and the builder being paid.
These are the identity and anti-money laundering checks a regulated payment provider has to carry out, sometimes called “know your customer” checks. Transpact carries them out, and handles that information under its own regulatory obligations.
A clear record of who agreed what
When a contract is signed, Covarah records the time, the IP address and the account of each person who signs it.
Your data stays yours
Handled under UK GDPR, and yours to see, correct, export or delete.
Handled under UK GDPR
Covarah Ltd is the data controller for your personal data and handles it under UK GDPR. We don’t sell your data to third parties.
Yours to see and correct
You can ask for a copy of the personal data we hold about you, and have anything that’s wrong put right.
Delete your account, keep a copy
You can ask us to delete your account, and for a copy of your data before it goes.
Only what the law says we must keep
Records of payments are kept, sealed, for as long as UK tax law requires. Your personal details are removed from your account, your messages and the files you uploaded.
The full details are in our privacy policy. If you’re unhappy with how we handle your data, you can complain to the Information Commissioner’s Office.
Insurance and warranty
Your choice of insurer, with what’s covered set out plainly: cover during the works and after them, the limits, the excess and the main exclusions, written where you can read it rather than buried in a policy document.
Common questions
More answers in the FAQ.
Does Covarah hold my money?
Can the builder get the money before I approve the work?
What does “FCA-authorised” mean?
Why do I need an identity check?
Can I delete my account?
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