RPL will replace Meteor Asset Management and Meteor Investment Management Limited (together, “MAM”) as the Bare Trustee and Deposit Administrator for some of our Partner Banks, holding your money in what is known as a “bare trust” arrangement.
RPL’s role is to place the money you wish to invest in a bank’s savings account and return the same to you on maturity of any product opened on your behalf.
This process takes place when you fund a savings account and when your deposits are returned to you at maturity, along with any interest or profit you have accrued. While providing this service, RPL has no claim to your funds and administers them on your behalf.
Are my funds protected when in transit from my Transaction Account to a Partner Bank savings account, via Raisin Platforms Limited (‘’RPL’’) as the bare trustee?
Yes, funds held by RPL as the trustee are covered by the Financial Services Compensation Scheme (“FSCS”) or European country equivalent throughout the customer journey: You first transfer funds into your Transaction Account. Once you select a saving product that is offered via RPL as the bare trustee, your funds are then transferred from your Transaction Account into RPL’s Bare Trust Account and subsequently forwarded to the savings account at the partner bank.
During this funding process your funds are covered by the FSCS or European country equivalent throughout, as your Transaction Account and the Bare Trust Account are held with ClearBank.
The savings account that you open with a partner bank, is covered by the partner bank's own deposit protection scheme.. This means that during those periods in which your funds are in accounts held at ClearBank and the partner bank respectively , they are protected up to £85,000 per person, per banking group.
Please note that the FSCS protection limit or European country equivalent of £85,000 is cumulative across any eligible deposits you hold across a banking group.