S&S ISA -- £85K FSCS Protection

HI All,

I have an S&S ISA account with Charles Stanley Direct (CSD) (subscriptions of 2016-2017-2018-2019 mainly on Vanguard Lifestyle) totaling around £70K (for this year's I still can contribute a further £10K).

My question is: reaching the £85K threshold if something happens to CSD then I can claim only £85K back.

CSD mention that they spread the customer's cash with several banks, but in case they collapse where do I stand?

Should I start new S&S ISAs with another provider(s)?

Help is appreciated

Comments

  • SonOf
    SonOf Posts: 2,631
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    My question is: reaching the £85K threshold if something happens to CSD then I can claim only £85K back.

    It depends on what happens.
    CSD mention that they spread the customer's cash with several banks, but in case they collapse where do I stand?

    That is irrelevant for you and you are mixing up what they are talking about here.
    You are investing in Vanguard funds. So, no money ends up in CSDs bank accounts.
    You are protected to £85k per fund house for the fund and £85k for the platform. As you are not investing in the platform, your assets are ring fenced.
    Should I start new S&S ISAs with another provider(s)?

    No reason to.
  • badger09
    badger09 Posts: 11,131
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    May I suggest you look at IWEB as a platform to hold your S&S ISA.

    If you're mainly invested in Vanguard Lifestrategy, you could save several £00s in fees by transferring say, all but current year's subscription to them.

    It costs a one off £25 to open your 1st account, and £5 per trade ie a buy or a sell, but there are no other holding charges.
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