Legal details for Chip Investments
Everything you need to know about how we're regulated, who looks after your money and what you can do if something goes wrong
In this article, we'll look at the legal details around Investing with Chip.
Please note: Chip can't provide financial advice so you may want to seek guidance from a qualified professional if you are unsure or have detailed questions around investing. Your capital is at risk.
How is Chip regulated for investments?
Chip Financial (Investments) Ltd is authorised and regulated by the Financial Conduct Authority, under firm reference number 1005114.
Where is the money held?
Seccl Custody Limited acts as the custodian for the money held in an ISA or GIA with Chip.
We use them to provide the behind-the-scenes technology that powers our investment platform, and Seccl is responsible for holding your cash and investments. You don’t pay any fees to Seccl.
Seccl Custody Limited is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 793200. You can read more about them here: https://seccl.tech/.
Seccl Custody Limited is registered in England and Wales at 20 Manvers St, Bath, BA1 1JW (Number: 10430958).
Can I close my investment account?
To close an investment account, we would need to close your overall Chip account. Here is what that means for each account:
General Investment Account (GIA)
We can only close your GIA by closing your overall Chip account.
Stocks & Shares ISA
We can cancel your Stocks & Shares ISA on its own only if you are within the initial 30-day cooling-off period. Outside of this period, we would also need to close your overall Chip account to close the ISA.
How to proceed
Before either of these accounts can be closed, you will need to sell all the units you currently hold in your funds. You can view all of our withdrawal timeframes here.
How do I make a complaint?
We recognise that things can go wrong. We want to learn from our mistakes and improve your experience whenever possible.
If you want to raise a formal complaint with us, you can do this either:
- Through the in-app chat: This can be found in the Contact us section on the Profile tab in the app).
- Through email at hello@getchip.uk
- By post: Our postal address is: Chip Financial Ltd., Sixth Floor, Fora, Montacute Yards, 186 Shoreditch High Street, London, E1 6HU.
You can find more details about our complaints process here: www.getchip.uk/complaints
Am I covered by the Financial Services Compensation Scheme (FSCS) when investing through Chip?
With investments, the value can go down as well as up. If you were to lose money due to market movements, you would not be able to claim compensation from the FSCS.
FSCS protection on investments protects you against a firm going out of business, not against a fall in the value of your investments.
If you are eligible, you could make a claim for up to £85,000 through the Financial Services Compensation Scheme (FSCS) under their Investment Scheme.
This means that in the event Chip Financial (Investments) Ltd is declared to be in default and cannot meet our obligations, you may be able to claim compensation. It’s also worth bearing in mind that Seccl (the custodian of money held in the Stocks & Shares ISA and the General Investment Account) are also covered by the FSCS.
Further information is available from the FSCS website.
*When investing, your capital is at risk. The value of your investments can go down as well as up, and you may get back less than your original investment.
Seccl Custody Limited is the ISA Manager for the Chip Stocks and Shares ISA.
ISA limits apply. Invest £20k per tax year. Chip does not provide tax or financial advice. Tax treatment depends on individual circumstances and may be subject to change in the future.
GIA proceeds are potentially taxable, subject to any annual exemption that may apply.
Need further help?
If you have any further questions, get in touch with our support team using the in-app chat (this can be found in the Contact Us section on the Profile tab) or by email at hello@getchip.uk for further help.
Related articles
Didn’t answer your question or want to know more? See similar articles below.
