I’m looking for information on the safety /or not of funds held within a Metro Personal Injury trust ac Are funds any more protected than a savings ac if Metro goes down. I can’t find any helpful information anywhere
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I assume you mean is it equally protected in respect of the Financial Services Compensation Scheme. Trustee accounts are entitled to FSCS protection. However, the trust will only be entitled to a single compensation limit of £85,000. A savings account would also be entitled to compensation. If it is held in two or more names, each person would usually be entitled to an individual compensation limit of £85,000. However, my initial thoughts are that the usual rule would not apply if those account holders are really holding the property on trust as in that case the rule in COMP 12A.1.4 that claims by trustees are treated as a claim by a single person seems likely to apply.
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