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Security of Online shares ISA

ReefMan
ReefMan Posts: 2 Newbie
in ISAs & tax-free savings
Hi,

I currently have a shares ISA with E-Trade online.
I've done it for a few years now so have built up a little portfolio - now worth close to £35K.

This has got me worried. With the Northern Rock wobble I have heard a figure of around £35K for protected amounts of cash.

This has got me thinking about how well my potfolio is protected! If E-Trade wobble (or heaven-forbid fall) am I protected?!

Has anyone looked into how safe these online companies are?

Thanks in advance for any help :o

Comments

  • Aegis
    Aegis Posts: 5,695 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    For regulated firms carrying out investments business you're covered for 100% of the first £30000 and 90% of the next £20000 if the company becomes insolvent.
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • Mr_Mumble
    Mr_Mumble Posts: 1,758 Forumite
    Along with the FSCS protection your funds will be ring-fenced in the nominee account. If e-trade or any other stockbroker went bust their creditors shouldn't have access to this money, all your money should be safe. The only potential loss would be if fraud has been committed.
    "The state is the great fiction by which everybody seeks to live at the expense of everybody else." -- Frederic Bastiat, 1848.
  • ReefMan
    ReefMan Posts: 2 Newbie
    Thanks for these replies - I can rest a bit easier now :)
    I think I still need to put my shares ISAs in a few seperate companies - that as long as they continue to grow at this rate!

    Thanks again.
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