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FSCS Protection

How are your funds protected?

At Wealthify, nothing is more important to us than ensuring the security of your assets. Read more about what protocols are in place to protect your funds:

  • Who holds your funds?
  • What is the Financial Services Compensation Scheme (FSCS)?
  • How does the FSCS impact your Savings Account?
  • How does the FSCS impact your Investment Products?
  • How does the FSCS impact cash held in your Investment Products?

This protection does not include events where investments have not performed as well as expected.

Who holds your funds?

The short answer is — it depends on what products you have with us.

Here's a simple breakdown of who securely holds your funds when using our products:

Wealthify: Stocks and Shares ISA (also known as our Investment ISA), Junior ISA, and General Investment Account

Embark Investment Limited: Self-Invested Personal Pension

ClearBank Limited: Instant Access Savings Account and Easy Access Cash ISA

What is the FSCS?

The UK Financial Services Compensation Scheme (FSCS) can pay compensation to customers of authorised financial services firms when they fail.

Set up by parliament and funded by the financial services industry, FSCS is a completely independent and free service. This means FSCS can pay back any money you hold with a failed bank or building society, up to its compensation limit.

How does the FSCS impact your savings account?

The FSCS's compensation limit of £120,000 is per banking licence, per person, and as our Instant Access Savings Account and Easy Access Cash ISA are held with ClearBank, this means the £120,000 compensation limit would be shared across all accounts you hold with ClearBank (including cash you hold with other providers that use ClearBank).

For example; if you have £100,000 saved in a Wealthify Instant Access Savings Account, and £40,000 saved in another account powered by ClearBank elsewhere including our Cash ISA), only £120,000 of your deposits would be eligible for FSCS protection.

For more information and to find a list of other accounts under the ClearBank banking licence, please visit the ClearBank website.

How does the FSCS impact your Investment Products?

Up to the first £85,000 of your money invested with Wealthify can be protected by the FSCS in the event of the insolvency of either our trusted custodian for pensions, Embark, or Wealthify itself.

Aviva and Wealthify are independently covered by the FSCS, so a customer holding investments with both companies can be covered by the FSCS for each of their respective investment balances up to £85,000.

Embark Investments Limited hold your funds securely and separately from their own. This means that in the unlikely event Wealthify went into administration, our creditors wouldn’t have a claim to your assets.

However, it’s important to understand that the FSCS does not cover you in the event that your investments do not perform as expected, and you get back less than you originally invested.

HOW DOES THE FSCS IMPACT CASH HELD IN YOUR INVESTMENT PRODUCTS?

For cash held in our Stocks and Shares ISA, Junior ISA, and General Investment Accounts
ClearBank holds any cash you may have in our Stocks and Shares ISA, Junior ISA, or General Investment Accounts, as they are our trusted Banking Provider. For more information about ClearBank and their FSCS cover, visit their website here.

For our cash held in our Self-Invested Personal Pension
Embark Investment Limited's trusted Banking Provider securely holds any cash you may have in our Self-Invested Personal Pension. For more information, please visit our Pension Terms & Conditions found here.

Want to know more?

If you want to check if your investments are protected by the FSCS, please follow this link.

If you want to check if your ClearBank-powered Savings Account is protected by the FSCS, please follow this link.

For any other queries, feel free to message our team on the LiveChat function online or on the app, or by calling us on 0800 802 1800.