How are my international shares and cash held?
You are the beneficial owner of any international holdings with Selfwealth which will be held in custody with Phillip Securities Pte Ltd. Your cash will be held in a Phillip Capital trust account with Standard Chartered. Selfwealth has no beneficial ownership or right to either your holdings or cash.
What happens to my holdings and cash if Selfwealth goes out of business?
In the unlikely event of Selfwealth going into administration or filing for bankruptcy, you could continue to trade directly with Phillip Capital Limited (PCL).
What happens to my holdings and cash if PhillipCapital goes out of business?
In the unlikely event of default (such as bankruptcy or administration) of PhillipCapital Limited, each Client as the beneficial owner of the securities is entitled to claim their securities from the relevant omnibus account, provided there is no current dispute of the Client’s ownership of the securities.
To avoid doubt, in the unlikely event of default of Phillip Securities Pte Ltd (the sub-custodian), Phillip Capital Limited would take appropriate steps on behalf of the beneficial owners to submit a claim to the liquidator. The above will be subject to the liquidation event process at that point in time.
Phillip Securities Pte Ltd is a member of the Singapore Stock Exchange and regulated entity under the Singapore Monetary Authority, (for further details please refer to https://www.mas.gov.sg).
Phillip Capital Limited is a participant of ASX Group and Chi-X Australia and is regulated by ASIC.