UK Investment Wrap Account Platform Widens Bank Range

Tom Burroughes

5 December 2008

Ascentric, the UK financial market wrap platform, has increased the number of banks within its cash account to eight, which means that investors could obtain UK state protection for up to £400,000 ($587,726) of their savings.

The eight banks now available on the platform - Abbey, HSBC, Lloyds TSB, Barclays, Royal Bank of Scotland, Northern Rock, Nationwide and HBOS - are rated “A” or above by Standard & Poors.

As investors are entitled to compensation for £50,000 on each deposit held with an individual bank, clients using the Ascentric platform could have up to £400,000 protected under the Financial Services Compensation Scheme.

Hugo Thorman, Chief Executive at Ascentric said, “With all the upheaval going on in the market at the moment it is important that our clients have the reassurance of knowing that their cash deposits are diversified across eight UK banks. Should the worst happen to one of these institutions, clients will be able to maximise on the benefits available through the FSCS.

Ascentric is available exclusively to independent financial advisors and offers an online investment management and dealing platform.