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IB UK customers - SIPC or not ?

This is a discussion on IB UK customers - SIPC or not ? within the Forex Brokers forums, part of the Forex Discussion category; I am questioning whether IB UK customers can benefit from SIPC protection. Indeed, the custodians (for their funds and securities) ...

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Old Feb 25, 2009, 2:48pm   #1
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IB UK customers - SIPC or not ?
I am questioning whether IB UK customers can benefit from SIPC protection. Indeed, the custodians (for their funds and securities) are maintained by a carrying broker which is a member of SIPC (IB LLC for instance), but they are not customers of IB LLC for purposes of the SEC financial responsibility rules adopted under the Securities Exchange Act of 1934, and the Securities Investor Protection Act.
Thanks for your feedback, I am still hesitating to open up an account at IB UK.
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Old Feb 25, 2009, 3:35pm   #2
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IB UK are FSA regulated so you will be covered for 50K GBP in the event IB cant pay you.

FSCS - Financial Services Compensation Scheme * *

No idea if this applies to people in France.
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Old Feb 25, 2009, 3:50pm   #3
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Originally Posted by donaldduke View Post
IB UK are FSA regulated so you will be covered for 50K GBP in the event IB cant pay you.

FSCS - Financial Services Compensation Scheme * *

No idea if this applies to people in France.
Thanks donaldduke, but £48k are low compared to SIPC protection. And FSCS only compensates "investment claims", which (I believe) do not include cash
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Old Feb 25, 2009, 4:55pm   #4
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Quote:
Originally Posted by valix View Post
Thanks donaldduke, but £48k are low compared to SIPC protection. And FSCS only compensates "investment claims", which (I believe) do not include cash
It covers upto 50K deposits:

FSCS - Consumer home page - Consumer Key Facts - Limitations of the scheme - Compensation limits * *
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Old Feb 28, 2009, 8:58am   #5
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What about margin accounts? SIPC doesn“t cover margin accounts, only cash accounts. Also, SIPC doesn“t cover fraud.
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Old Mar 12, 2009, 2:24pm   #6
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Sorry, SIPC covers fraud.
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Old Mar 27, 2009, 3:44pm   #7
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yes IB UK is regulated by the FSA. But you'd better cross your fingers too.

You'll never ever receive any paper statement from IB
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