Clients Funds Segregation
Clients Funds Deposited with NFW are held in segregated bank accounts and separated from the company's funds. NFW, upon receiving any Clients’ funds, promptly places those funds into one or more accounts, denoted as “Clients”, opened with any of the following:
Bank authorized in a third country
Qualifying money market fund
Deep liquidity from Tier-1 banks
Islamic (Swap Free) accounts
Separated from company’s funds
Professional indemnity or fidelity insurance cover
Required by the Registrar, maintain in force suitable guarantees or professional indemnity insurance or fidelity insurance cover to cover the risks of losses due to fraud, dishonesty or negligence.
Pursuant to section 57 Section 13 of the General Code amended in September 2009. According to Board Notice 123 of 2009 specifies conditions for which providers must hold professional indemnity and fidelity insurance. An FSP is not allowed to provide Financial services without professional indemnity or fidelity insurance cover.
NFW complies with objectives of which is to secure any claims of covered clients against members of the FSCA and to compensate covered clients for any claims arising from the malfunction by a member of the FSCA to fulfil its obligations despite whether that obligation arises from legislation, the client agreement or from wrongdoing on the part of the member of the Fund.
The Investor Compensation Fund was established to secure the claims of covered clients against a FSP through the payment of compensation in the event that the FSP in question was unable to:
- Return to covered Clients funds owed to them or funds which belong to them but are held by the FSP in the context of providing investment services to the said Clients or B- Hand over to covered Clients financial instruments which belong to them and which the FSP concerned holds, manages or keeps on their account,
- for breach of duty in connection with the Business by reason of any actual or alleged negligent act, error or omission,
- I committed by the Insured any Employee or director or former Employee or former director of the Insured, and where the Business is or was carried on in partnership any partner or former partner of the Insured.