Protect your assets!
Posted: July 1st, 2018, 6:27 pm
viewtopic.php?f=26&t=12424
Link to a petition ...worth a read and definitely worth signing up!
Aendryr said
"This is legal and possible because of a certain unknown Rule 135 of the Special Administration Regime that allows administrators to use client shares / assets to fund the administration on the collapse of a stock broker or wealth management firm.
Shares / cash within ISAs, SIPPs and trading accounts are marketed as ring-fenced, yet this rule 'breaks' that ring-fence and creates a conflict of interest between returning assets to clients in a timely fashion and the administrators' corporate motivation to maximise fee income. This rule gives administrators an open cheque book as PWC proved when they came up with a bill of £100m to return shares / money to Beaufort's clients."
Link to a petition ...worth a read and definitely worth signing up!
Aendryr said
"This is legal and possible because of a certain unknown Rule 135 of the Special Administration Regime that allows administrators to use client shares / assets to fund the administration on the collapse of a stock broker or wealth management firm.
Shares / cash within ISAs, SIPPs and trading accounts are marketed as ring-fenced, yet this rule 'breaks' that ring-fence and creates a conflict of interest between returning assets to clients in a timely fashion and the administrators' corporate motivation to maximise fee income. This rule gives administrators an open cheque book as PWC proved when they came up with a bill of £100m to return shares / money to Beaufort's clients."