how safe are funds in selftrade?

[theEdge]

Hi,

I've started to build up a portfolio in a self-select ISA at http://www.selftrade.co.uk/. How safe are my assets should the company fold? It seems to get taken over quite a lot (from comdirect, to squaregain, now to selftrade).

Kind Regards,

Edge

 

[cicsone]

Edge,

Guess the best way to answer this is that they are regulated by the FSA and as such would have some sort of compensation policy in place. Best to check their site for more details.

 

[fibonelli]

As long as Societe Generale doesn't go t1ts up

 

[cicsone]

Fibionelli,

Yes did see they were owned by SocGen..... hmmm how deep does the governments pockets go for execution only services....

 

[amir18]

Edge,
They are part of Boursorama Group, which is a quite favourable firm across Europe !
So as far as dealing goes, they just charge a base commission of £12.50.Which is much lower than its competitors. Squaregain and Comdirect was their previous brand names, now they are known as Talos Securities in Corporate Books and Selftrade as a brand.

Arsh

 

[anley]

Reckon you'll be guaranteed up to about £48k which is the official guarantee from the FSA. Anything more and I think your money would be lost IF it is in cash. BUT, if you have bought shares you don't really hold any money with the broker, you are a part owner in the companies you've bought into. Therefore it would be possible for your account to be worth £200k (in stock), no money with Selftrade (apart from a few £1000) and they go under = you still keep the £200k shares and the cash is returned via compo.

 

[jamak]

The same question was asked over at Motley Fool a while ago - this was the best answer:
TMF: Re: Selftrade and Societe Generale / Selftrade Products & Services