I just pulled my head out of the sand and for some reason, I am having concerns with regards to the economy :-0...
About 2 months ago, I asked my broker with which bank the cash they hold on my behalf is kept.
My thinking is: If I have, say 75k with HSBC, this is covered (I hope) by FSCS should the bank default/bail in.
Now, if my broker is keeping my cash with HSBC, would that mean I will be losing in excess of what is kept in brokers account should the ***t hit the fan?
I have asked them and they could not give me a straight answer, only that the money is deposited in various banks. But they could not tell me which banks.
I am a little concerned obviously, I try to stay positive but I think even my cat has worked out that something is not right re world economy. So I just want to cover every possibility.
Would anyone know?
Cheers.
About 2 months ago, I asked my broker with which bank the cash they hold on my behalf is kept.
My thinking is: If I have, say 75k with HSBC, this is covered (I hope) by FSCS should the bank default/bail in.
Now, if my broker is keeping my cash with HSBC, would that mean I will be losing in excess of what is kept in brokers account should the ***t hit the fan?
I have asked them and they could not give me a straight answer, only that the money is deposited in various banks. But they could not tell me which banks.
I am a little concerned obviously, I try to stay positive but I think even my cat has worked out that something is not right re world economy. So I just want to cover every possibility.
Would anyone know?
Cheers.
FSCS How does that work for us traders?
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