Does anybody have any experience in relation to FSCS and the implications of Trustees having multiple deposit accounts (for multiple sub-funds of a trust) with the same banking institution? As far as we can tell there is nothing immediately obvious on the treatment of sub-funds of trusts in the FSCS Handbook nor accompanying guidance.
In short, if a trust has numerous sub-funds, is it the case that the deposit account for each sub-fund can benefit from the £85,000 deposit protection scheme or is the entire trust limited to one allowance?
The sub-funds are not separate legal entities for capital gains tax purposes, but are run as separate funds with different beneficiaries, differing initial trust terms and separate trust funds.
Anna Giles
Wedlake Bell LLP