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Are online brokers backed by the FSA?
frothy-coffee_2
Posts: 157 Forumite
Hi,
I was wondering whether any cash residing in a trading account is backed by the FSA compensation scheme if the broker goes bust?
I should say I'm referring to the big names like
Selftrade
iii's
TD Waterhouse
Barclays
Etc
I was wondering whether any cash residing in a trading account is backed by the FSA compensation scheme if the broker goes bust?
I should say I'm referring to the big names like
Selftrade
iii's
TD Waterhouse
Barclays
Etc
0
Comments
-
Some of the cash funds are protected under the deposit protection scheme. Some may be protected under the investment protection scheme depending on how its set up. The individual platform will publish it on the protection documents.
The protection documents the platforms issue today are far better and more detailed than they were pre-credit crunch.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I use Selftrade for years until they were taken over & introduced a new platform that worked poorly.
N.Never be afraid to take a profit.
Keep breathing. :eek:
Just because I am surrounded by FOOLS does not make me wise. :j0
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