Investments held on behalf of clients are held in our Nominee company. This means in the event of Redmayne-Bentley LLP being declared in default, all client assets remain outside of the reach of any creditors of the firm. Redmayne-Bentley does not participate in stock lending. The assets held within the Nominee company are designated to the benefit of the client to whom they belong, meaning that each client's shares are readily identifiable. The firm participates in the Financial Services Compensation Scheme (FSCS) for Investments (applicable to UK residents only). Eligible investments (firm in default) are covered by the Compensation Scheme up to £50,000. For more information, please see the 'Custody' section of our Terms and Conditions.
Monies held on deposit with us on your behalf and placed with other deposit institutions are separately covered under the Deposits Protection scheme up to £85,000 (decreasing to £75,000 from 1st January 2016), per individual, per institution, in the event that the institution fails. We hold client money in designated trust accounts with several different large regulated banks. The trust status of the accounts mean that it is protected as client money and not the firm's own. Most of the banks we use to hold client money are also members of the FSCS and so, if a deposit institution also failed, the money is still protected under the scheme.
Please also see the 'Client Money' section of our Terms and Conditions.
In addition to the protection offered by the FSCS, Redmayne-Bentley has insurance which covers each claim against the nominee company up to £10,000,000.
Please note that these terms do not apply to assets outside the Nominee Service and do not apply to other types of client.