IF you read what I said, converting the insurance Policy cover Like for like in Pounds to Euros. not the statuary cover from regulators.
If you read the FCSC website " We may be able to protect you if a provider goes out of business and there’s a shortfall in the money or assets it’s holding for you."
It’s a maybe! and second of all you have to look at the way T121 is structured, Fist they don’t hold your assets for you. Your shares are held in a segregated CREST account that is run by an isolated company as per regulation. The CREST account is run by Interactive brokers, not Training 212. In the event of the failure of Trading 212, it’s expected for your shares to eventually be transferred to the CREST account of a nominee broker then you would send them further instructions, sell or open an account etc. So this is out of the scope of FCSC as 1 T212 do not hold the asset and 2 you would expect to make a full recovery.
The only thing T121 hold that is yours is your free cash in your account so that’s what the FCSC is going to cover.
Regarding the insurance, if you have a million euro claim the insurance is covering up to that amount per calment. The 20 million is what they call their max loss or exposure for a policy. lol dam 20 mill that’s low, I sign off on a policy with a billion on cover and that policy has far less risk than T121 (In my opinion). Well if something happens get your insurance claim in ASAP as Zuric or whoever is the underwriter will close doors after paying out 20mil and don’t assume they will be diplomatic and split it between people they will pay out to get out.
Just a FYI the insurance company does a lot of due diligence before writing up these policies. It’s not like going on GO Compare and putting how much cover you “think you need” 20 million, 50 million, etc is a lot of exposure to risk that has to be balanced so the insurer can make money. They don’t want to be caught off guard with claims / legal cases they can more expensive than it’s worth in the long run. Some of the oldest companies in the world are insurance companies they know what they are doing