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The biggest drawback is that Reap isn't covered by any financial services compensation scheme.
John England, head of the financial services compensation practice at Towers Perrin, was the consultant on Merrill's pay practices.
The Bank of Cyprus UK Ltd is a UK-incorporated bank with depositors protected by the UK's financial services compensation scheme.
The only chance of losing money is if Castle Trust goes bust and, even then, you are covered up to £50,000 by the financial services compensation scheme.
Vicki J. Elliot, who designs financial services compensation plans for consultant Mercer, thinks that the government might need to push Wall Street to reform.
Similar(54)
Under the Financial Services Compensation Scheme you will have £85,000 of savings protected with each brand.
But it is expected that former clients will be able to seek compensation later this month when the Financial Services Compensation Scheme formally declares the firm in default.
Compensation will be paid by the Financial Services Compensation Scheme.
Under the rules of the Financial Services Compensation Scheme (FSCS), savers' funds are guaranteed to be safe up to a limit of £85,000 per saver per institution.
Since then, the UK's compensation scheme for savers in bust banks, the Financial Services Compensation Scheme (FSCS), has been strengthened several times.
Unlike savings accounts, they are not protected by the Financial Services Compensation Scheme if the company goes bust.
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CEO of Professional Science Editing for Scientists @ prosciediting.com