What financial protection do you get if you open a stocks and shares ISA with Hargreaves Lansdowne? And if I have another product say a SIPP, are they added together?

If you open a stocks and shares ISA with Hargreaves Lansdowne what financial protection do you get? Is it £85k? And if I have another product say a SIPP, are they added together?

Hi Douglas,

The goalposts have moved a fair bit with this in recent times but the latest legislation means that you'd be covered up to 100% of £85,000 per institution, via the Financial Services Compensation Scheme (FSCS) so long as it was a qualifying and regulated provider.

The good news is Hargreaves Lansdown would certainly fall into this category, but you would not get £85,000 worth of cover per product, e.g. ISA and SIPP. The £85,000 limit is per institution. As an example, if you had £50,000 in your Hargreaves Lansdown ISA and £50,000 in your Hargreaves Lansdown SIPP, you would only be covered for up to £85,000, not the full £100,000.

If it's a concern and you have more than £85,000, it may be advisable to use a different provider for different products. Using the above example, if you had £50,000 in your Hargreaves Lansdown ISA and £50,000 in a SIPP with a different provider, you'd likely be covered up to the full £100,000.

Hope that helps Douglas.

Tim