Hi all,
I have some concerns around the following section;
“In the unlikely event Trading 212 or the bank holding your client funds were to go into liquidation, and if there was a failure to safeguard your assets, the value of your funds and assets held with Trading 212 are still protected by the applicable compensation scheme.”
Which banks will you be depositing the uninvested money in?
As an example let’s assume that I have currently 85,000 in an account with “Bank A”.
I also have £10,000 of uninvested money in my T212 ISA account.
T212 decides to deposit the £10,000 of uninvested money in my ISA account with “Bank A” but I don’t know that T212 has deposited my £10,000 with “Bank A”.
Therefore “Bank A” now holds a total of £95,000 of my money, which is £10,000 over the £85,000 protection that FSCS provides.
A week later “Bank A” collapses. Am I protected for the full £95,000 or just upto £85,000?
If i’m covered only up to the £85,000 limit then I will be losing out on £10,000. Therefore it’s important for T212 to inform the customers which banks the uninvested money has been deposited in.
I’d appreciate a reply to the above, thanks