The FCA (Financial Conduct Authority) is the new name of the FSA. Compare FCA regulated brokers and understand the steps they take to protect your funds:
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Opening an account with a broker regulated by the UK's Financial Conduct Authority (FCA) offers 2 levels of protection:
Under FCA rules, brokers have an obligation to protect their clients' money and assets.
However, account segregation alone cannot protect against fraud or criminal behaviour. In March 2012, WorldSpreads, a London-listed spread betting operator was wound down after the discovery of an alleged accounting fraud that left £13m missing from its clients’ accounts. And in 2011, MF Global, a 228-year-old US brokerage firm, filed for bankruptcy after losing $1.6 billion of its customers' money.
The FSCS provides another level of protection for customers of FCA regulated brokers. The FSCS is the UK's compensation fund of last resort and is the institution you can turn to for compensation if your broker is unable, or likely to be unable, to pay claims against it. This typically happens when it has stopped trading or has been declared in default.
Limits apply to how much compensation FSCS may be able to pay, and those limits vary between different types of financial products. The maximum levels of compensation for investments is £50,000 per person per firm
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