Client Money Protection
NORVIK BANKA REPRESENTATIVE OFFICE LONDON want you to feel comfortable opening a investment account. It’s important that you have all the necessary information at your fingertips. Before you apply for an account with us you should familiarise yourself with the documents listed below.
As a client of NORVIK BANKA REPRESENTATIVE OFFICE LONDON we want you to have our assurance that your funds are safe.
The FCA has strict rules covering our conduct of business and financial adequacy.
There are the following considerations:
- Each FCA regulated firm, including NORVIK BANKA REPRESENTATIVE OFFICE LONDON, are required to carry out daily Financial Resource calculations to ensure the firm has adequate regulatory capital at all times.
- Segregation of client funds involves the firm placing Retail client funds in a client money account separate from the firm’s own money. In the event of default by the firm, segregated funds are held for our clients and debts of the firm cannot be paid with those funds. Similarly, should the firm’s bank account become overdrawn, the bank cannot use client funds to reduce the overdraft. Please note that for those classified as Professional clients, the above does not apply and they risk becoming an unsecured creditor of the firm. Note: segregation of client money from the firm’s money does not protect the client if the bank that holds the client money bank account goes into administration.
- By the end of each business day we rebalance our segregated funds accounts to ensure that the liquidation value of each client’s account, as at midnight that day, is fully segregated.
- The Firm’s policy is to maintain client money in accounts at regulated financial institutions in the EU.
- Compensation scheme – In the unlikely event the firm was to go into liquidation AND there was to be deficiency in the client money bank account, individual clients are covered by the Financial Services Compensation Scheme (FSCS). The maximum FSCS payout per client if the firm goes into administration is £50,000.