Protection of client deposit

We bank with Barclays and Metro Bank and hold all client funds with those banks. In the event that there is a banking failure, we do not accept liability for losses resulting from that failure.

The Financial Services Compensation Scheme (‘FSCS’) is the UK’s statutory fund of last resort for customers of a deposit taking institution. This means that the FSCS can pay compensation if such an institution is unable, or likely to be unable, to pay claims against it. FSCS is an independent body, set up under the Financial Services and Markets Act 2000. The scheme covers deposits at our bank belonging to clients who are individuals or businesses up to the compensation limit that exists at the relevant time (currently £85,000) per client.

However, this limit applies to the total amount of all deposits held by the bank for that client including any deposits held by other members/brands of the banking group that are authorised by the United Kingdom’s Financial Services Authority under the same banking licence. If you hold other personal monies yourself in the same bank as we hold client funds you will only receive £85,000 in total, so any compensation already received by you will be deducted from compensation available in respect of the funds deposited by us on your behalf.

Some deposit taking institutions have several brands, i.e. where the same institution is trading under different names. You should check with either your bank, the Financial Conduct Authority or a financial adviser for more information.

For more information

http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-deposits/

Should Barclays or Metro Bank default on their obligations, we can contact the FSCS with details of all clients whose money is held in our account and the amount to which they are entitled, with supporting evidence. In order to provide such information, we require your consent and accordingly by accepting these Terms and Conditions you give us that consent, unless you inform us in writing to the contrary. If you inform us in writing that you do not give us consent, the FSCS will still need to know the account balances but we may withhold your identity. In this case, you will not be able to receive compensation from the FSCS.

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