Brokers

TD Direct & the FCA – Update

There have been further developments since my original blog post, on the topic of changes to TD Direct's client monies policy, which cause me to re-examine the issue and its implications. Firstly, I am pleased that Interactive Investor, TD Direct's new owner, have responded to my post, as follows: Interactive Investor’s primary responsibility is the security of a client’s data, cash and assets. Current FCA rules state that client money must not be placed out on unbreakable deposits of more than 30 days. ...

Our Risk, Their Gain: TD Direct & the FCA

Thursday last, I was somewhat shocked to receive the following missive from one of my brokers, TD Direct (now owned by Interactive Investor): The key paragraph is this: To ensure we maintain our ability to appropriately diversify client money across highly rated, strongly capitalised banks, our regulator, the Financial Conduct Authority (FCA) has given us, and other similar firms, permission to deposit some of our client monies in fixed term deposits for up to 95 days. This is a change to the current ...