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Treasury and cash interest rate
Our CASS Oversight Committee, in cooperation with the Financial Risk Committee, is responsible for the selection, appointment and periodic review of financial institutions with whom we place or seek to place cash balances of clients’ portfolios.
Cash held for clients is only placed with financial institutions that have been approved by the committee. In considering whether or not to place client cash with a particular financial institution, the committee will consider its credit rating, financial strength and business and investment activities. We currently pay 2.25% interest on onshore and offshore cash balances held within client accounts for all services.
The Financial Services Compensation Scheme (FSCS) limit for deposits is £85,000 per person, per authorised institution (ie a banking institution that is authorised by the Financial Conduct Authority). FSCS is triggered when an authorised deposit taker (such as a bank, or building society) is unable, or likely to be unable, to repay its depositors. The FSCS protects eligible deposits in the event of a bank or building society failing. This protection is only available to clients of our UK business.
We do not take part in the Jersey Banking Depositor Compensation Scheme, the Guernsey Banking Deposit Compensation Scheme or the Isle of Man Depositors’ Compensation Scheme (together DCS) as they only apply to certain customers of banks in Jersey, Guernsey and Isle of Man respectively. For the avoidance of doubt, clients of our Channel Islands and Isle of Man business will not therefore be entitled to compensation from the DCS.
Brooks Macdonald diversifies its pooled client cash accounts across a number of financial institutions, including some of the well-known UK High Street banks and their Jersey and Guernsey branches and affiliates.
Further information about FSCS and compensation limits is available by contacting them direct (www.fscs.org.uk or 0800 678 1100) or by speaking to your investment manager, who can also provide details of the financial institutions that Brooks Macdonald is currently using.