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Good S&S ISA
fly-catchers
Posts: 774 Forumite
i currently have a S&S ISA with Fidelity which is now reaching the £85000 limit. Any recommendations for a S&S ISA so I can continue to put more money away for the next tax year. Also as I am now retired at 63 with a income from my RM DB Pension is continuing to put most of my spare cash in S&S ISA a good move?
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Comments
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Why are you worrying about the FSCS 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.1
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I can't see why it wouldn't be a good move if you have sufficient cash available for other needs but there is no need to open a new ISAfly-catchers said:i currently have a S&S ISA with Fidelity which is now reaching the £85000 limit. Any recommendations for a S&S ISA so I can continue to put more money away for the next tax year. Also as I am now retired at 63 with a income from my RM DB Pension is continuing to put most of my spare cash in S&S ISA a good move?Remember the saying: if it looks too good to be true it almost certainly is.0 -
There is no limit of how much one can have in an ISA. The annual limit for 2020/2021 is 20,000.fly-catchers said:i currently have a S&S ISA with Fidelity which is now reaching the £85000 limit.
You can continue putting money in your ISA even if you have more than 85,000 in it, however only 85,000 is protected by FSCS.1 -
Isn't it better to ensure you don't go over £85000 if the worse happened with organisation. Given the current situations- better safe than sorry...0
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Unlike bank savings a S&S provider is required to segregate client assets from their own business money so if they fail another provider can just take over running the assets. In such circumstances the FSCS would only need to cover the costs of the work required to transition the assets which would usually be much less than £85k.
The only other circumstance that FSCS protection might be helpful is if there had been fraud or error within the provider for which they had not compensated you but Fidelity is so large and stable it seems unlikely they would leave you to claim compensation for their error.
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It is important with deposits where the bank uses your money. However, with unit linked investments you still own your investments and they are ringfenced from the provider.fly-catchers said:Isn't it better to ensure you don't go over £85000 if the worse happened with organisation. Given the current situations- better safe than sorry...
If you are paranoid about it (and you would need to be paranoid as its that level of risk you are worried about) then use a different fund house for the second fund.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.1 -
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