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I'm new to UK and currently only have a cash ISA account at a major bank. I'd like to have ETF/mutual funds instead, but the bank's administrative fees for these assets feels way too high.
I found http://www.selftrade.co.uk and http://www.iii.co.uk which some people recommended, but I'm not sure how they differ from banks (e.g. in terms of asset protection in case of bankruptcy etc.).
Would appreciate any input!
Compare the different trading accounts available at Money and MoneySuperMarket. All are regulated by FSA and they give protection according to the FSA standards for client deposits i.e. deposits distributed across multiple banks. I personally hold a trading account from Selftrade.
You can find statements like below, in their terms and conditions regarding protection of your money deposited with them.
If we cannot meet our obligations, your investment may be protected by the Financial Services Compensation Scheme. Compensation is provided for 100% of £50,000.
