This is really basic, i know, but is it right that a SIPP with multiple investments with multiple institutions, will each have a £50,000 limit for protection?
If I have a SIPP with 'retail' OEICs in - Fundsmith Equity, let's say. I can't claim £50,000 if Fundsmith go busto?
How about the same question but in reference to Offshore Redemption Bonds (Ireland) - before Brexit screwed everything?
As for a pension, the investor can't make a claim to the FSCS in respect of the fund within an offshore bond defaulting on its obligation to investors, because the investor doesn't own the assets. It's further complicated with tax residency of the investor coming into play for FSCS eligibility.
There is a good guide by Utmost on this
Basically, lots of protection is in place to segregate funds before any losses will be incurred from the insolvency of a fund manager, platform or insurance company and before the end investor might need to go to FSCS. However, if they do need to claim, there are usually only two entities they can claim from:
perfect, thank you