Are your investments and pension safe?
A very good article in This is Money yesterday highlighted something we come across at IYE Global a lot. Most investors are aware that if they stay below the Financial Services Compensation Scheme threshold – currently £85,000 per bank – their savings are protected.
But what about other investments, indeed, what about your pension which can be a far greater figure and significantly more important for retirement?
The FSCS limit for investments is £50,000 per firm you invest with. An important note here, this doesn’t cover you if the value of your shares or funds falls, but for such things as bad advice, mis-selling and maladministration.
The Financial Conduct Authority’s recent report into investment platforms revealed that out of their average investable assets of £260,000, the average customer held £91,000 on a platform.
