Safety of client funds
All retail client funds deposited with Destek Markets are held in a segregated client bank accounts as required by the Financial Conduct Authority’s client asset regulation, known as CASS.
Under FCA rules, we will classify you as a Retail customer unless certain circumstances require us to classify you otherwise. Retail classification affords our clients the maximum level of regulatory protection, and ensures that all client funds deposited with us are held in segregated bank accounts in accordance with FCA money rules, as set out in the Client Asset (CASS) sourcebook.
Segregated money is held separately from Destek’s own funds, and cannot be used by us for operational purposes. Under property, trust, and insolvency law, this money is protected and unavailable to general creditors in the unlikely event of Destek Markets ceasing to operate or becoming insolvent.
Destek Markets is audited by PWC and we are required to regularly send financial and other regulatory reports to the FCA verifying the company’s financial stability and ultimate adherence to meeting capital requirements set by EU regulations.
Retail client funds are held in segregated bank accounts with Tier 1 Barclays Bank plc in the United Kingdom. All accounts are monitored and reconciled on a daily basis to further protect the integrity of clients’ funds.
In addition to the above, in the unlikely case that Destek Markets cannot uphold its financial obligations, retail clients would have their segregated money returned. Any difference of up to £50,000 may be compensated for under the Financial Services Compensation Scheme (FSCS) which was setup under the Financial Services & Markets Act 2000.
For further information about the Financial Services Compensation Scheme (FSCS) please visit www.fscs.org.uk