@Bob For (Stocks and shares) ISA’s you wouldn’t set up multiple, you would just keep your ISA together with the best provider. the recommendations to have many GIA portfolios is made by those whose opinion is that ALL of their funds should be protected rather than just a portion, so they aim to keep a balance under or near £85k for all of them, this has the benefit of reducing the impact in case one does go under as the rest of your funds are untouched, but it has the added tediousness of needing to go through many different accounts to make adjustments, take profits, collect dividends etc plus there’s a higher chance of one of the brokers/platforms you have a portfolio with facing difficulties.
an absolute headache if you ask me. the alternate and more popular opinion is to just hold everything with one, because now there is only the slim chance of that one platform/broker facing issues. The biggest risk of investing has always been the market and your decisions to hold/sell your positions at any given time.
@AlexK thanks for the specifics. It’s been a headache to try and go through some of the legal-speak in terms and conditions as a regular person, so I could only try to the best of my ability. Knowing that it referenced a hypothetical extreme-case scenario made deductions complicated for me I just keep hoping to avoid misleading people or causing more confusion.
As a small check in case people ask again, would the ‘funds’ protected by the FSCS amount to just the cash balance, or combined cash&equity when looking to claim?
I still have much of the regulations and industry to read up on and get more familiar with to be able to respond with any more certainty to highly specific questions.