RE: Red Braces Brigade9 Jun 2021 14:28
O - I was wondering about the £85000 compensation limit in any one banking institution or group of banks under same owner ship ... and what would happen in HL for example if we had more than that £85000 across fund/share and share ISA's etc in same name. And what if shares rather than cash!
Their FAQ wasn't too helpful so I mailed them. Got a better answer!
Top line is :
"The FSCS regulations mean that client's cash is protected up to £85,000 per banking license.
This means that if you hold £85,000 with us, for example, your cash will be split between multiple banking licences. Therefore, you will be covered for more than this amount overall.
A maximum of 35% can be held with our Core banks, which are Barclays, Bank of Scotland, Lloyds Bank Corporate Markets, Lloyds and HSBC. Our Secondary banks are Santander UK, Goldman Sachs International Bank and Bank of Montreal, and each bank can hold a maximum of 15% of cash balances. Finally our Tertiary banks, which are Investec Bank, Qatar National Bank and Emirates NBD, can each hold a maximum of 5% of cash balances.
Your cash is held on trust, with yourself as the beneficial owner and would not fall under company assets."
May be of use! I can post the bit about shares if any one interested?
V