Accounts with Top Tier Banks: FXCM provides banking and treasury services and other world-class banking institutions to its clients. These banks are completely independent and do not endorse the obligations of FXCM to its customers.
Segregation of Client Funds: Client funds security is a key element of the Group's philosophy alongside unmatched trading conditions and customer support. Our clients are assured that their funds are held with security, clarity and integrity. FXCM maintains segregated client accounts to ensure that client funds are fully separated from FXCM own funds at all times. Each client account has a unique code to ensure that it is used solely for client funding purposes. All client funds deposited are completely segregated in accordance with strict policies and procedures.
Protection by the Financial Services Compensation Scheme: FXCM treats all clients as retail clients in an attempt to offer the highest protection. Since the company is a member of FSCS, its clients may be eligible to receive compensation in case of the inability/failure of the member to fulfil its financial obligations. For more information about the Financial Services Compensation Scheme click here
Risk Management: FXCM through its bespoke trading platforms provides an automated risk-management system to ensure that client account balances will never go negative.
Client funds individually covered up to £1,000,000
Until now any amount over the FSCS £50,000 threshold could not be guaranteed in the event of insolvency. Not any longer,Notesco UK Ltd ( “Notesco UK” ) is pleased to offer additional security to its clients’ funds above the threshold provided by the Financial Service Compensation Scheme (FSCS).
This policy, underwritten by QBE Underwriting Limited and other participating syndicates at Lloyd’s of London will now provide clients of Notesco UK protection of funds individually covered up to £1,000,000 as standard.
What is the FSCS?
The FSCS is the UK's compensation fund of last resort for customers of authorised financial services firms. With the standard Financial Services Compensation Scheme (FSCS) you are covered under the ‘investments’ claim category, whereby the cover is up to £50,000 per person per firm in case of a brokers default or insolvency.
What is Excess of FSCS Insurance?
The FSCS typically provides protection up to £50,000, but what if our client’s assets exceed this threshold?
To address the fears of clients whose assets exceed the FSCS’s threshold, Notesco UK have purchased a new insurance product – Excess of FSCS Insurance. This Policy provides protection on a per client basis, aggregated over the policy period and is underwritten by Lloyds of London. This policy provided clients assurances that their funds are protected above the provisions of the FSCS.
How much insurance have Notesco UK bought?
Notesco UK have purchased insurance that surpasses the £50,000 threshold of exposed capital, increasing the threshold to £1,000,000 per client. Cover for clients that go beyond the sublimit of £1,000,000 can be arranged.
Does it cost me anything?
Notesco UK have purchased this policy on your behalf, there is no direct cost to clients.
Who underwrites this policy?
The policy is underwritten by QBE Underwriting Limited and other contributing syndicates at Lloyd’s of London.
Who & What is covered?
Clients of Notesco UK, whose funds are held in segregated accounts and who qualify under FCA compensation rules.
Only the eligible securities and cash of Notesco UK retail customers for the solitary benefit of the customers.
How does it Work?
Should the improbable occasion arise, where client assets are not entirely recuperated following the insolvency of Notesco UK, supplementary coverage is afforded to offer protection above the FSCS limit of £50,000 per client. The policy will be upheld providing the following causes have been met:
Notesco UK is declared insolvent by the FSCS Discovery of a shortfall in segregated customer assets by insolvency practitioners The FSCS paying the first £50,000 of each claim