You may be aware of press speculation relating to Metro Bank. You can read a full statement issued by Metro Bank in response to the press speculation here.
Please note, SIPP and SSAS client money is held with banks which are authorised by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority (FCA) and which are covered by the Financial Services Compensation Scheme (the “FSCS”).
What does this mean for me as a SIPP or SSAS client with a Metro Account?
The cash you hold in your SIPP or SSAS bank account will be protected by the FSCS up to a maximum limit of £85,000. If you hold over this amount you could consider an alternative, please note Westerby do not insist on a minimum balance to be held in your SIPP or SSAS bank account.
If you feel that you are particularly vulnerable at this time or need particular assistance in any area, please do let us know immediately and we will do all we can to help.
Westerby are unable to provide advice therefore we would recommend you seek independent financial advice before making any decisions on the best course of action to take. Any new accounts you may decide to open will be subject to account set up requirements.
