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Beaufort securities in administration
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Thank you all guys for the inputs. The scenarios are many...
In summary, is there any suggestions rather than using the main platforms and keeping the amount invested with each fund manager under £50k?0 -
In summary, is there any suggestions rather than using the main platforms and keeping the amount invested with each fund manager under £50k?
Stick to mainstream, profitable companies (a number of platforms have never made a profit and some robo-advisers, in particular, are haemorrhaging money).
Don't over fret and let issues that hit the obscure and shady end of the markets cause you too much concern.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 -
It not only the case of fraud where you could end up with a loss if the platform fails. If the platform fails but the funds WERE purchased and properly segregated/ring-fenced then you are still at risk of a haircut from administrator fees (albeit you would have to have a pretty large portfolio for this haircut to exceed £50k and thus suffer a loss over and above that covered by the FCSC scheme).
That is alarming. £50k is tiny when we are talking about pensions.0 -
Thank you Dunstoh0
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That is alarming. £50k is tiny when we are talking about pensions.
If you use pension funds then you get 100% FSCS protection with no upper limit.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
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