Revise Rule 135 to stop administrators from taking fees out of client assets

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Revise Rule 135 to stop administrators from taking fees out of client assets

Petition Details

On the collapse of a stock-broker, this rule allows administrators to take fees out of client assets / money held in “ring-fenced” accounts. A conflict of interest arises between returning assets to clients in a timely fashion and the administrators' corporate motivation to maximise fee income.

Additional Information

Individuals have invested entire life-savings via ISAs and SIPPs under the assumption that their assets / money are ring-fenced and protected.

Revise Rule 135 of the Investment Bank Special Administration Rules (England and Wales) 2011 to preserve the sanctity of ring-fenced accounts and prevent a break-down of the trust in the UK financial system.

The FSCS, which is funded by a levy on financial institutions, must cover any and all costs incurred in returning ‘ring-fenced’ assets to clients.

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