Rowan Dartington Client Money
As a firm which is both authorised and regulated by the Financial Services Authority (FSA), Rowan Dartington is required to comply with the rules prescribed in the FSA Handbook. The handbook details rules on handling both client assets and client money.
Segregation of client money
In basic terms the rules are designed primarily to restrict the mixing of client’s and firm's assets (CASS 7.7) and to minimise the risk of a client's investments being treated as the firm's assets in the event of the latter’s insolvency. In addition, firms must also take steps to ensure that client money is held in accounts identified as client accounts, separately from any accounts used to hold money belonging to the firm.
Depositing client money & Interest Rates on deposit balances
FSA rules (CASS 7.4.1) also state that client monies need to be deposited with an approved bank of the firm’s choosing.
Rowan Dartington will only pay interest on all significant client deposit balances. Please speak to your Account Executive for information on the most current rates of interest being offered.
As of 01 July 2011, the rate of interest paid by Rowan Dartington
- Holdings under £50k – 0.50% below Bank of England Base Rate
- Holdings between £50k and £100k – 0.15%
- Holdings between £100k and £1m – 0.25%
- Holdings over £1m – 0.5%
Financial Services Compensation Scheme
We participate in the Financial Services Compensation Scheme (“FSCS”), which may provide compensation to qualifying investors for loss up to the prescribed rate from time to time under such scheme (as set out on the FSCS website) in the event of our being unable to meet our liabilities to you. Further information can be obtained from the FSA or from the FSCS.