Giving you the peace of mind to invest with confidence
The Share Centre Limited is authorised and regulated by the Financial Conduct Authority (FCA) and is a member of the London Stock Exchange. As such, The Share Centre must fulfil all the relevant regulatory requirements of an investment firm and all retail customers receive the maximum regulatory protection under FCA rules. All investments held on behalf of our customers are registered either in the name of Share Nominees Limited, which is a bare trustee nominee company or, in the case of certain unit trusts and open-ended investment companies, in a Nominee Company owned by Cofunds Limited.
Because customer investments are held in a totally separate company to The Share Centre, in the unlikely event that The Share Centre was placed in administration, your money and investments would be safely ring-fenced and held in trust for you.
We are conscious of our position of trust and the responsibilities we have with your money. 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.
Cash deposits for all customer accounts are spread across Lloyds, Royal Bank of Scotland, Barclays, Scottish Widows Bank Plc, Investec, Melton Mowbray Building Society, Santander, Emirates NBD and Ulster Bank 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.
NB: The limit was increased from £75,000 to £85,000 on 30 January 2017.