The Bank of England is the UK’s central bank. It manages monetary policy, issues currency, oversees financial stability, and safeguards certain regulated client accounts.
The Bank of England is the central bank of the United Kingdom. Founded in 1694, it plays a critical role in maintaining monetary and financial stability across the UK economy. It operates independently of government and is governed by a statutory framework under the Bank of England Act 1998 and subsequent legislation.
Its core responsibilities include:
In certain regulated sectors, particularly payment services and estate administration, client money may be safeguarded by holding it with the Bank of England. This ensures:
Firms offering third-party managed accounts (like us) may opt to use the Bank of England to safeguard estate or client funds, offering a higher standard of protection than conventional bank accounts.
As the UK’s central bank, it anchors confidence in the economy and the financial system. It is also a lender of last resort and the institution to which many financial firms turn during crises or to hold safeguarded funds under the highest standard of security.
Is the Bank of England a commercial bank?
No. It is a central bank and does not offer retail services to the public.
Can I open an account with the Bank of England?
Only certain regulated firms, public bodies, and financial institutions can hold accounts there.
Is client money safer at the Bank of England?
Yes. Funds held there are free from commercial risk and are considered the highest standard of safeguarding.
dospay is a trading name of DOS & Co. Ltd, a company registered in England and Wales with company number 08294966.
DOS & Co. Ltd. is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (FRN: 833374) for the provision of payment services.
All of our GBP escrow and third-party managed accounts are segregated and safeguarded at the Bank of England.
