Fred,
This is a link to the II Protection page (not easy to find) which should answer your question.
http://www.iii.co.uk/about-us/your-protection
From the page:
Your investments are held with Interactive Investor Services Limited and registered in the name of Interactive Investor Services Nominees Limited, or other appointed custodian. Investments held in this way are afforded ‘trust status’ which means that in the event of the firm becoming insolvent your assets are protected from the firm’s creditors.
Any money (cash) held in your account is treated as ‘client money’ as defined by the FCA. This means your money is held separately from the firm’s own corporate funds, in bank accounts specially designated as holding client money. Money held in these bank accounts is afforded ‘trust status’ which means that in the event of the firm becoming insolvent your money is protected from the firm’s creditors.
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Lifetime SIPP Co gone bump.
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Re: Lifetime SIPP Co gone bump.
argoal wrote:Any money (cash) held in your account is treated as ‘client money’ as defined by the FCA. This means your money is held separately from the firm’s own corporate funds, in bank accounts specially designated as holding client money. Money held in these bank accounts is afforded ‘trust status’ which means that in the event of the firm becoming insolvent your money is protected from the firm’s creditors.[/i]
When the FCA investigates a firm for shortcomings, "client money" and failure to handle it correctly is often a first port of call.
Google for Lifetime SIPP suggests that it had involvement in the more dubious end of the SIPP market, where the ability of a SIPP to hold obscure assets can be exploited to the detriment of clients.
https://www.ftadviser.com/sipp/2018/04/ ... istration/
But it is understood the Sipp provider has some exposure to failed Harlequin investments on its books, which were valued at nil by the Financial Services Compensation Scheme (FSCS), and have been the subject of hundreds of compensation claims and complaints.
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