We are able to give our clients confidence that their money will be safe as we hold funds in segregated accounts across a range of major banks, in accordance with the FCA’s client money rules.
Money transferred from clients to Portex Markets is received directly into separate client money bank accounts. Client funds are kept in entirely separate accounts from our own money and held in trust with the clients as beneficiaries. We do not mix client money with our own funds and therefore in the event of default by Portex Markets client funds will be returned to clients rather than being treated as a recoverable asset by general creditors of the company.
We do not use client money for our own financing purposes or hedging needs and never transfer client funds to third parties.
The Financial Services Compensation Scheme (FSCS) is the UK’s compensation fund of last resort for customers of authorised financial services firms. If Portex Markets becomes insolvent or ceases trading clients may be entitled to compensation if we cannot, for any reason, meet our obligations. We fall under the ‘investments’ claim category and therefore clients may be entitled to receive up to £50,000. Further information about compensation arrangements is available from the FSCS.
Portex Markets’ client money procedures and compliance with the FCA Client Money rules are reviewed and monitored on a frequent basis. These processes are also audited on an annual basis by our independent statutory auditors and reported to the FCA. We are also required to submit a monthly Client Money and Assets Return to the FCA.
Portex Markets is well capitalised and consistently operates with reserves in excess of the minimum Financial Resources Requirement as set out by the FCA.