If a broker goes bust are traders able to access their funds directly from the trust account at the relevant bank or are we left having to gain compensation from whichever regulatory organisation?
As an example in the UK I believe the FSCS only covers initial deposits (up to 85k) and not traded profit. If the trust account is in a UK bank I am wondering whether we could access this to gain 100% of the funds. If the trust account is overseas maybe we are left with the FSCS.
As an example in the UK I believe the FSCS only covers initial deposits (up to 85k) and not traded profit. If the trust account is in a UK bank I am wondering whether we could access this to gain 100% of the funds. If the trust account is overseas maybe we are left with the FSCS.