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October 12, 2017

Question:How does FSCS insurance work for traders? What is the process?

Answer:

If traders’ funds are not entirely recuperated following the insolvency of 8Safe UK(IronFX), supplementary coverage is afforded to offer protection above the FSCS limit of £50,000 per client.

The policy will be upheld providing that the following causes have been met:

  1. 8Safe UK is declared insolvent by the FSCS.
  2. Discovery of a shortfall in segregated customer assets by insolvency practitioners.
  3. The FSCS paying the first £50,000 of each claim.*

*Now, cover for clients that go beyond the sub-limit of £1,000,000 can be arranged, as IronFX UK has purchased a new insurance in October 2017.

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