If I have cash on my Davy Select account, where is it held?
Client funds will always be held either in pooled client asset settlement accounts, pooled client asset deposit accounts or individually designated client asset deposit accounts with an eligible credit institution. Further information about the credit institutions we use is available upon request.
Client funds are protected by rules laid out in the Client Asset Requirements (more information) which includes obligations relating to the segregation of client funds from the firm’s funds, accurate record keeping, regular reconciliations between the firm’s records and the eligible credit institution’s, counterparty due diligence, etc. Prior to lodging client funds with an eligible credit institution, we receive a written confirmation from the credit institution that client asset accounts are legally segregated from any bank account that Davy itself may hold.