Cash management

With Ascentric, you can be sure client money is deposited safely and effectively. We place money held by you on the platform with a number of regulated deposit takers (chosen through a due diligence process), where it will usually generate interest.

Interest received from these deposit takers is allocated to Clients, without any deduction, based on the Cash held within their Cash Account. The average interest rate received from these deposit takers, and passed on to Clients, changes on a daily basis.

 Average interest received 01/05/20 - 31/07/20  0.0044% 

Important points to consider

  • Interest is calculated daily and applied to a client account on a monthly basis;
  • The average interest rate paid to clients changes on a daily basis; and
  • In the event of the insolvency of one of the banks we use, any client money we hold is protected under the Financial Services Compensation Scheme (FSCS) up to a maximum of £85,000 for each client and bank with whom client money is held. This limit is applied to banks that are separately authorised and can only be applied once, therefore banks operating under different brands within the same authorisation are covered under the same limitation. The compensation limit of £85,000 includes any other money held by you in accounts with the authorised banks we use, therefore if you have current or deposit accounts with the same bank these will all count towards the compensation limit of £85,000. Temporary high balances of up to £1 million are protected for a limited period of 6 months from when the amount was first credited to the account or became legally transferable. The FSCS website has further details on the definition of a temporary high balance. For further information please visit the FSCS website.
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The Ascentric Wrap platform is available for Financial Advisers to support their business. Find out how we could help add more value for your clients

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