Petition to protect ISAs and SIPPs from Adminstration fees

It appears that if the platform you hold your investments on runs into problems the Adminstrators can take out "ring fenced" client monies to
meet their costs.
A fuller explanation is in the thread at:
http://moneyforums.citywire.co.uk/yaf_postst5859_Protect-your-ISA-and-SIPP---sign-this-petition-now.aspx
The petition is at:
https://petition.parliament.uk/petitions/222801
and needs 10,000 sigs.
Easily done if it is snowballed around your circle of contacts.
--
AnthonyL

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On 06/07/2018 10:36, AnthonyL wrote:

At 10,000 signatures the Government will respond with a standardised reply stating that it is legal.
At 100,000 signatures there may be a _very_ slight chance something may change.
--
mailto : news admac myzen co uk

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On Fri, 06 Jul 2018 09:36:28 GMT, snipped-for-privacy@please.invalid (AnthonyL) wrote:

I didn't realise that SIPPs were not protected like other pension schemes.
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On 12/07/2018 14:19, Optimist wrote:

There is a clue.. Self Invested. You decide what to invest in so you take responsibility.
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dennis@home wrote:

The petition isn't trying to protect anyone from making their own bad investment choices ...
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But the grievance the petition is addressing is nothing to do with the soundness or otherwise of the investments, but whether where firms running the trading platforms get into debt the administrators are entitled to help themselves to the firm's clients' assets.
Where a garage business goes bust are the creditors be allowed to seize the garage's customers' cars brought in for a service?
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