The information shared in the article is not accurate, as you have pointed out. We already took measures to contact them so that we can avoid the potential confusion of the readers.
To sum up:
- We charge no fees whatsoever.
- 100% of client money is held in the UK banks, hence our clients have no risk associated with non-UK banks. We have never actually held a client money bank account outside of the UK and we do not intend to so in the future.
On a side note - about the FSCS coverage. Let’s be as clear as they are on the FSCS website - if a firm is FCA or PRA regulated, the FSCS compensation scheme covers it for its activity. As you can see from their website, the conditions are not referring to where the money is being held, neither to where a client is based. All FCA regulated brokers use the same FSCS coverage. Keep in mind that FSCS specifically say that they would cover any client money shortfall, confirming that they are the last line of defence for your investments and funds.
Meanwhile - all of your funds and investment are ring-fenced and segregated in client accounts. Even in the unlikely event of default (let’s not forget we are a profitable and debt-free company, not relying on funding rounds) your funds and investments cannot be touched by creditors and you will get them back.
And for those of you who actually want to know how things work and like to do your own research, it might be worth looking into the funding of FSCS. Each FCA/PRA regulated firm pays an annual fee to the FSCS, based on the size of the company business. The more we grow, the larger part of our profit we pay to the FSCS fund and its running costs.
@Richard.W Thank you for your support and interest in ensuring that all information in the article is accurate.