£1M Deposit Protection
Darwinex provides free supplementary insurance that covers FSCS eligible clients up to a total of GBP 1,000,000 versus the standard protection of just GBP 85,000.
- How does the additional insurance work?
- How much does the insurance policy cost for clients?
- Who is eligible?
- How long does it take to receive the withdrawn money?
How does the additional insurance work?
The UK FSCS covers the shortfall to the extent of GBP 85,000 per client. Darwinex invests in an additional insurance policy that further covers all FSCS-eligble clients up to GBP 1,000,000 per client.
In the event of Darwinex being "in default" following a determination made by the FSCS, the insurance company would pay to Darwinex for the benefit of its clients, an amount equal to the ultimate net loss of each claimant.
The maximum amount payable by the insurance policy to Darwinex under the policy in respect of any one claimant is GBP 1,000,000.
How much does the insurance policy cost for clients?
The insurance policy is free for clients, its costs are entirely borne by Darwinex.
Who is eligible?
In order to qualify as claimants, Darwinex customers with more than GBP 85,000 must:
- Be Eligible Claimants according to FSCS rules.
- Submit their claims (including a claim form) to the FSCS within 12 months of the event of default’s date.
- Submit their Excess of FSCS Claim Form to the Insurance company within 12 months of the event of default’s date.
How long does it take to receive the withdrawn money?
The length of time each claim takes to process depends on a number of factors. Darwinex’s claims under the insurance policy shall be payable as soon as:
- The FSCS has finally determined and quantified the overall net claim of each Client.
- The amount of any distribution to be received by the clients and/or the FSCS from Darwinex’s estate has been calculated, determined and accepted by the client and/or the FSCS.