FSCS protection for UK based GIA within an offshore bond
Wildparaplanner
Member
Hi all,
Does anybody know if FSCS protection applies to a UK based platform GIA account which is held within an offshore bond? I know the offshore bond itself is not covered, but need to understand whether the GIA would be or not.
Many thanks
Wild
Comments
This is the most thorough guide to all this I have read. Covers all asset types in SIPPs, onshore and offshore bonds. https://aberdeenadviser.com/library/investor-protection-guide.pdf
So essentially, the answer is no protection due to the fact the investment is made as "an insurance undertaking"?:
"Investments in UK based deposit accounts including the bank account held at bond level are not covered by the FSCS if the UK based deposit account provider were to default as the investor in these deposits is regarded by FSCS as an insurance undertaking.