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Protection of Client Assets

Established in 1875, Redmayne Bentley is one of the leading independently-owned private client investment management and stockbroking firms in the UK and in the Republic of Ireland with over 30 offices nationwide.

Redmayne Bentley participates in the Financial Services Compensation Scheme (FSCS); eligible investments are covered by the Compensation Scheme up to £50,000 (from April 2019 this will increase to £85,000) and cash deposits are separately covered under the Deposits Protection scheme up to £85,000 per individual, per institution, in the event that the institution fails.

 

Client investments and money are held in accordance with FCA client asset rules which prevent any clients’ assets being used by the firm. Alongside the annual financial audit, each year our external auditor provides an assessment directly to the Financial Conduct Authority (FCA) of our business and our application of the CASS rules. We also use another audit firm to review the firm’s arrangements including our CASS processes. No assets are held in the name of Redmayne Bentley LLP; they are all held in a nominee company. Similarly, client monies deposited at banks are accompanied by a trust letter indicating that the money is for the benefit of our clients, not the firm’s, and therefore can only be used for settling transactions on behalf of clients.

 

Redmayne Bentley is very well capitalised, and has significant regulatory capital surpluses as can be seen in our Pillar 3 Disclosures. Each quarter we report the capital position of the firm to our regulator, the FCA. We monitor regulatory requirements and take action to ensure we are not exposing the business, or our clients, to any unnecessary risks.

 

An external audit is conducted annually to confirm the financial stability of the firm, and its ability to continue to run as a going concern. The firm has in place a strong internal framework to ensure both working capital and regulatory capital requirements will continue to be met in future, and as part of our approach to capital management we also consider the cost of a ‘wind down’ to ensure the firm continues to have this amount of money set aside.

 

The firm’s insurance policy covers both the firm and the nominee companies which further strengthens our financial stability by limiting the impact of any single event which could otherwise jeopardise upon the financial position of the firm. Additionally, the firm’s insurance policy continues in the event of the firm ceasing to trade.

 

For more information about how we hold client assets and money, please refer to our Terms of Business at www.redmayne.co.uk/terms
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