The Financial Services Compensation Scheme does not cover electronic money products. No other compensation scheme exists to cover losses from your electronic money account. Your funds will be held in one or more segregated bank accounts with a regulated third party credit institution, in accordance with the provisions of the Electronic Money Regulations 2011.
Please see our blog post on the difference between safeguarding vs FSCS: https://mclear.com/news/safeguarding-vs-fscs/