We are conscious of our position of trust and the responsibilities we have with your money and investments. With this in mind, we regularly review our banking relationships and the distribution of deposits. We only use highly-rated institutions as assessed by respected credit rating agencies or institutions where we can have security in return for the deposit. In addition, we currently hold substantially more than the amount of regulated capital required under the Financial Conduct Authority’s rules.
Cash deposits for all customer accounts are spread across Lloyds, Royal Bank of Scotland, Barclays, Melton Mowbray Building Society, Emirates NBD and Santander and the mix of the deposits varies on a daily basis between these institutions. Deposits with Melton Mowbray Building Society are secured with 150% mortgage deed collateral and are held in separate trust status accounts. All customer cash deposits are held in separate accounts from The Share Centre's own accounts.
All cash deposits are covered by the Financial Services Compensation Scheme (FSCS). The FSCS allows for a maximum of £85,000 across all cash the customer holds with each bank to be claimed in the event that any of these banks fails. While our customers’ money is held in a pooled account, the FSCS limits apply to each individual customer. This does mean that any other deposits (directly or indirectly) held by a customer with a failed institution should be taken into account when calculating their compensation relative to the £85,000 limit.