Hi, I tried to find āFreetradeā on the FSCS register that shows protected firms but Freetrade wasnāt on it?
You have stated that you are eligible for FSCS client money protection. What company name are you registered under?
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FRN search on the FSCS checker works for cash deposits only, not for investments - it says that on the checker itself.
The correct link to check - NewRegister
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If you click on this link, the part about client money being protected asks you to verify with FSCS which is what I did and Freetrade is not on the register. See below.
Please explain where I verify that Freetrade is protected by FSCS like other major brokers?
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Yeah. Iāve noticed. It used to be there. Iām trying to find it for you
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Iāve done it above for you.
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This is the same for every other FCA registered broker - take HL for example:
"Financial Services Compensation Scheme
Investors are likely to be covered by the provisions of the Financial Services Compensation Scheme (FSCS), if Hargreaves Lansdown ceases trading. It can award up to Ā£85,000 in compensation to any one investor where they decide that an investment business is in default and is unable to satisfy any claims against it. In addition, if one of the banks which we use for depositing cash balances is declared in default, each individual is entitled to 100% of the first Ā£85,000 in total in compensation for losses across all their deposits with that institution. Full details of the FSCS detailing the restrictions and financial limits that apply are available on request from the FSCS. You can contact them on 020 7741 4100 or 0800 678 1100 or at www.fscs.org.uk. You can also write to them at FSCS, 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU."
To get FCA approval a stipulation is that client funds are held with a bank which is part of the FSCS scheme. So I believe the money is protected by default by being held correctly with a registered bank.
The page you are searching on refers to where money is āsavedā - FT isnāt a bank which is why it (and other brokers) donāt appear on that list.
Maybe contact the FSCS if you want further clarification.
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Freetrade is registered! Please check carefully!
Have you read any of the thread?
You beat me to it! Thanks
Interesting.
No results found in the FSCS site for:
Freetrade
Hargreaves Lansdown
AJ Bell
Trading 212
Interactive Investors
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it might have been that
I managed to replicate your screenshot in the following link
https://claims.fscs.org.uk/PreScreening/EnterDetails
It is indeed there.
Most likely the others will be there too
In the following link we can search for companies that have failed
Freetrade is not there
There are helpful contributions above from @BOOM, @thinking_hydrogen, @Eden and @AJHY, great to see community members helping community members. Just to help remove the confusion, the most helpful official webpages are:
NewRegister (See āHow customers are protected?ā)
Keeping your money safe (See āFreetrade is part of the Financial Services Compensation Schemeā)
It is worth keeping in mind that, while you are protected under the FSCS scheme as detailed on the Keeping your money safe webpage, your investment might fall as well as rise due to movements in market prices and any such fall wouldnāt be covered by the FSCS.
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