segregated accounts

[braisen]

I see that IG brokers run segregated accounts. How do I know my money in my account is safe? as I was with a different broker that also used segregated accounts only to have one of the directors steal 24 million dollars from it members, how does IG protect the funds in my account.

Any help on this matter is greatly appreciated as I wish to fund my account but am cautious  as I lost a lot of money and has taken a long time to be willing to go back into trading. Thanks

[KoketsoIG]

2 hours ago, braisen said:

I see that IG brokers run segregated accounts. How do I know my money in my account is safe? as I was with a different broker that also used segregated accounts only to have one of the directors steal 24 million dollars from it members, how does IG protect the funds in my account.

Any help on this matter is greatly appreciated as I wish to fund my account but am cautious  as I lost a lot of money and has taken a long time to be willing to go back into trading. Thanks

Hi @braisen,

Thank you for your post.

Please note that not all countries have segregated client money fund protection and not every country has a deposit compensation scheme. It all depends on the deposit scheme available for that country, you can see this from the following: Client Money Protection

If you are in the UK, there is the FSCS, where in the unlikely event of IG going into liquidation, all our clients would have their share of the segregated money or segregated assets returned, minus the administrators’ costs in handling and distributing these funds.

Any shortfall of funds of up to £85,000 may be compensated for under the Financial Services Compensation Scheme (FSCS). The FSCS is the compensation fund of last resort for customers of authorised financial services firms. It is designed by the UK government to act as a ‘safety net’, and usually covers private investors (retail clients) and small businesses if they have been clients of a financial services firm which becomes insolvent.

All the best,

KoketsoIG

[braisen]

Thanks for the reply. I only ask as previously stated I lost a lot and it took 6 years after the administrators finished and all we got back was 8 cents on the dollar. based in Australia by the way. so a little gun shy. I don't think we have any government  backed scheme here in Aus, will have to look into it further.