FSCS on S&S Isa?
Discussion
Can anyone help me with some solid answers on how the FSCS rules apply to money in funds/stocks in a S&S ISA?
Im about to cross the cover threshold of £50k on Hargreaves Lansdown and I am wondering how the cover actually works? None of my money is really held in cash its all in funds/shares etc. Now am I right in thinking that its not actually with HL themselves and if they went under (unlikely) I would still hold the underlying assets and so therefore dont have to worry about the £50k limit? If they were gone I could still call up Vanguard for example and would still own their funds to whatever value?
However, HL say "stock you hold with us is held in the name of or to the order of Hargreaves Lansdown Nominees Limited, or by an approved third party custodian. Hargreaves Lansdown Nominees Limited is a non-trading company so it cannot run up liabilities of its own and Hargreaves Lansdown accepts full liability for any default by our nominee company. We maintain detailed records of all your investments and assets for which you will at all times remain the beneficial owner"
Does this mean the are not actually in my name and HL actually 'own' the stocks I have bought and I do have to worry about the limit?
People must have more than £50k with them though surely?
Any info to help me out would be appreciated.
Im about to cross the cover threshold of £50k on Hargreaves Lansdown and I am wondering how the cover actually works? None of my money is really held in cash its all in funds/shares etc. Now am I right in thinking that its not actually with HL themselves and if they went under (unlikely) I would still hold the underlying assets and so therefore dont have to worry about the £50k limit? If they were gone I could still call up Vanguard for example and would still own their funds to whatever value?
However, HL say "stock you hold with us is held in the name of or to the order of Hargreaves Lansdown Nominees Limited, or by an approved third party custodian. Hargreaves Lansdown Nominees Limited is a non-trading company so it cannot run up liabilities of its own and Hargreaves Lansdown accepts full liability for any default by our nominee company. We maintain detailed records of all your investments and assets for which you will at all times remain the beneficial owner"
Does this mean the are not actually in my name and HL actually 'own' the stocks I have bought and I do have to worry about the limit?
People must have more than £50k with them though surely?
Any info to help me out would be appreciated.
Edited by p1stonhead on Monday 18th June 07:10
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