FCA regulated retail forex and CFD broker INFINOX Capital Limited has announced that it has raised the threshold of clients’ insurance above the £50,000 compensation per customer provided by the Financial Services Compensation Scheme (FSCS), which is the fund of last resort for customers of UK authorised firms provided in case of a firm’s default or insolvency.
In a move to ensure higher security and peace of mind of its clients, and in addition to the protection afforded to the retail investors by the FSCS, INFINOX has covered each retail client individually up to £500,000.
The insurance policy is underwritten by QBE Underwriting Limited and other participating syndicates at Lloyd’s of London and comes as standard, at no cost to INFINOX retail clients. The main driver behind the purchase of such an insurance policy is to give additional confidence and assurance to retail clients that their money is protected above the compensation provisions of the FSCS, should the firm become insolvent and where there would be a shortfall in customer assets that they will be fully reimbursed even if their deposit exceeds the current compensation threshold of £50,000. Therefore, this insurance policy provides the investor far greater protection and compensation rights than ever before.
Robert Berkeley, INFINOX CEO explains this decision:
The fundamental philosophy at INFINOX has always been to provide a personal account manager. The level of ambition and excellence our customers strive for, means we must show our commitment to integrity and trust by adding this level of security. Our clients want to feel confident and secure with us as their broker which is why we have purchased a separate insurance protection of £500,000 from Lloyd’s of London.
Details of the £500,000 insurance protection afforded to INFINOX clients can be seen on the company’s website here.