ISA & Non-ISA P2P Client Money Accounts.
Mar 24, 2018 12:39:29 GMT
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easteregg, david42, and 2 more like this
Post by justuslee on Mar 24, 2018 12:39:29 GMT
There’s a lot of confusion about the process and eligibility for P2P platforms to accept and hold ISA and non-ISA client money. This has become a very hot topic following the recent platform administration.
It’s pretty simple really; check the FCA register to check if the firm has a permission to hold client money. register.fca.org.uk/
If they do, then they will have presented to the FCA a standard legally binding letter - signed by a director/approved person of the platforms bank and the platform’s directors. Link to public site detailing said content and obligations. www.handbook.fca.org.uk/handbook/CASS/7/Annex2.html?date=2016-03-21#DES592
JustUs have supplied the letter as required.
If a platform doesn’t have the FCA permissions, as they don’t do FCA regulated business, then they should still have the same said letter for non-regulated client money activities and will be able to detail in their T&C’s their Protected Client Money Credentials.
As the P2P sector is not covered by FSCS, it’s of huge importance that investors do some of their own research to make sure their hard earned isa and non-isa cash is safe.
It’s pretty simple really; check the FCA register to check if the firm has a permission to hold client money. register.fca.org.uk/
If they do, then they will have presented to the FCA a standard legally binding letter - signed by a director/approved person of the platforms bank and the platform’s directors. Link to public site detailing said content and obligations. www.handbook.fca.org.uk/handbook/CASS/7/Annex2.html?date=2016-03-21#DES592
JustUs have supplied the letter as required.
If a platform doesn’t have the FCA permissions, as they don’t do FCA regulated business, then they should still have the same said letter for non-regulated client money activities and will be able to detail in their T&C’s their Protected Client Money Credentials.
As the P2P sector is not covered by FSCS, it’s of huge importance that investors do some of their own research to make sure their hard earned isa and non-isa cash is safe.
