Account value >85K

Theoretically, it’s true, but, as colleagues have already noted, the accounts are separated and if t212 can no longer meet its obligations, it will declare bankruptcy, but the clients will not lose anything. Because t212 cannot use clients’ money or sell client-owned stocks to cover its expenses. T212 keeps the clients money in a bank that can fail, if that amount is more than £85k the client will lose the amount above £85k. Barclays is a big bank, I doubt it will fail.

Everything else (forging clients’ orders and withdrawing their money) is a crime, I doubt anyone wants to go to jail.

I suppose if they told you they were segregated when they weren’t then yes, you would only have 85k compensation. But I would have thought the FCA have access to this information to check that it is being compliant.