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FSCS protection and ISA
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Ruthie2
Posted: 16 January 2023 17:11:37(UTC)
#1

Joined: 15/04/2021(UTC)
Posts: 1
I plan to add further funds to my stocks and shares ISA in the next tax year but it is reaching the limit for FSCS protection. Is it allowable to open a second stocks and shares ISA with a different broker once we are in the new tax year, or can I only keep one stocks and shares ISA and therefore risk having no protection after exceeding the FSCS limit?
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Mr Helpful
Posted: 22 January 2023 15:55:37(UTC)
#2

Joined: 04/11/2016(UTC)
Posts: 3,985
Yes fine to open a new ISA with another broker in the new year.

Safety lies in our own hands to diversify at every level.
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JohnW
Posted: 23 January 2023 10:38:25(UTC)
#3

Joined: 14/01/2012(UTC)
Posts: 582
I did exactly that when I started, but as it happened, both the platforms I used were taken over by II so I ended up on one. The advantage of course is that it's cheaper to use one, only one set of fees. But I was also told that although my portfolio was on a particular platform it was still my portfolio and could not be used by the platform to cover their debt. There may be a delay in being able to get control back, but whatever, it was still safe. Am I correct in this?
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