Fineco Bank - Regulation and Protection

stphnstevey

I have been trying to find out the regulation and protection in comparison to the UK for Fineco Bank. So far I have found the following (this is my understanding as far as I can work out, so I am not responsible for the accuracy, please do your own research)

 National Interbank DEPOSIT GUARANTEE SCHEME €100,000 (similar amount to UK £85,000) if bank fails, repay within 15 working days
 part of an INSTITUTIONAL PROTECTION SCHEME in which all members mutually support each other in order to avoid insolvency
 Authorised by the Bank of Italy
 subject to limited regulation by the FINANCIAL CONDUCT AUTHORITY
 Banks regulated in other European Economic Area (EEA) member states can operate in the UK without UK regulation
 This is called 'passporting' and means that the banks are regulated by the home country's regulator and covered by its compensation scheme.
 Banks based outside the European Economic Area (EEA) that offer savings accounts in the UK can only do so through a UK subsidiary directly authorised by the PRUDENTIAL REGULATION AUTHORITY (PRA). Being directly authorised by the PRA also means that they come fully under the UK Financial Services Compensation Scheme which, as far as savers are concerned, means that they are the same as any other UK bank.
 National Compensation Fund

I would be interested if anyone can validate the above and provide their understanding

In particular, is there any protection for investments using their trading section of their platform?

Due to the negligible FX charge, does anyone use as their platform to invest in foreign shares? If so, what size investment are you comfortable holding on this platform?

Or does anyone use it as a FX and send the money to another platform to purchase and hold the shares? If so, what are the reasons for this, just additional protection on another platform?

If I have interpreted the fees correctly, there does not seem to be any fees to transfer out securities. So it maybe possible to transfer them elsewhere, such as Interactive Investor