Acetop Financial Limited (“Acetop”) is authorised and regulated by the Financial Conduct Authority in the UK (“FCA”) under Firm Reference Number 767154. The FCA have strict regulatory requirements in regards to client funds, known as the client money and client assets rules (found in the Client Assets Sourcebook – CASS), which govern exactly what we can do and how we must do it. Acetop is also a member of the Financial Compensation Scheme (FSCS).
When you open an account with Acetop you will be classified as a retail client, unless specifically notified otherwise. As a retail client when you deposit money into an Acetop account it is protected in a number of ways.
Retail client money is held separately from Acetop’s own funds so that client money is protected. It is therefore unavailable to general creditors of the firm, if the firm fails. As your money is held in segregated bank accounts under trustee arrangements, this ensures that the cash remains yours, rather than Acetop’s. This means that we are not allowed to use client funds in the course of our business activities, and that client money and assets are completely ring-fenced and protected in the unlikely event that Acetop became insolvent.
Acetop performs daily client money reconciliations in accordance with FCA requirements. This process ensures that funds held in segregated bank accounts always accurately reflect retail client assets. The full value of a client trading account is treated as client money.
Our client money controls and processes are audited annually and the results are reported to the FCA. Internal audits and reviews are also undertaken periodically.
What happens to my money or assets if Acetop goes into liquidation?
In the unlikely event of this happening, all of our clients would have their share of the segregated money or segregated assets returned, minus the administrators’ costs in handling and distributing these funds.
Any shortfall of funds of up to £85,000 may be compensated for under the Financial Services Compensation Scheme (“FSCS”). The FSCS is the UK’s compensation fund of last resort and was created on 1 December 2001, when the Financial Services and Markets Act 2000 came into force. The FSCS acts as a 'safety net' for clients of authorised firms.
Using the scheme does not cost you anything, but to qualify for compensation you need to be eligible according to the FSCS rules. Generally, the FSCS covers private individuals, as well as some small businesses. Further information on the FSCS can be obtained from their website, www.fscs.org.uk or by calling the FSCS Helpline on +44 (0) 20 7741 4100 or 0800 678 1100.
What happens to my money if one of the banks Acetop uses to hold client money goes into liquidation?
The losses would be shared by clients in proportion to the share of money held with the failed bank. Funds lost in this way may be compensated for under the FSCS.
Find out more about what the FSCS covers and who is eligible to claim at their website www.fscs.org.uk.
- Privacy Policy
- Cookies Policy
- Best Execution
- Customer Agreement
- Complaints
- Risk Warning
- Conflicts Of Interest
- Protecting Client Funds
- Website Terms and Conditions
- PRIIP CFD on Commodity
- PRIIP Spread bet on Commodity
- PRIIP CFD on Currency
- PRIIP Spread bet on currency
- PRIIP CFD on Indices
- PRIIP Spread bet on Indices
- RTS 27 Reports
- Risk Disclosure Notice