How do you keep my funds safe?

[Guest david nicholls]

with ref to the possibility of bank failure and funds held being used by bank and shares being issued, are any excess funds in my ig account safe should this happen and would it be practical to leave more cash ready for further dealing?

[CharlotteIG]

22 hours ago, Guest david nicholls said:

with ref to the possibility of bank failure and funds held being used by bank and shares being issued, are any excess funds in my ig account safe should this happen and would it be practical to leave more cash ready for further dealing?

What happens to my money if one of the banks IG uses to hold client money goes into liquidation?
The losses would be shared by clients in proportion to the share of money held with the failed bank. Funds lost in this way may be compensated for under the Financial Services Compensation Scheme (FSCS) up to a limit of £50,000 per person, per institution, subject to other balances held with the bank in question.

Find out more about what the FSCS covers and who is eligible to claim at their website www.fscs.org.uk. 

 

What happens to the money I deposit with IG?
Your money is held in segregated bank accounts under trustee arrangements. This ensures that the cash remains yours, rather than IG’s. It also means that it’s easily identifiable as client money, so IG and its creditors don’t have any charge, liens, or rights of set-off or retention over it. 

We have a number of segregated bank accounts at a range of credit-worthy high street banks such as Barclays and Lloyds. We intentionally ensure that client money is split between a number of banks, and we’re not permitted to hold it all in one place. 

 

I hope this helps. 

All the best 🙂