Hi guys, would anyone be able to answer this please. I fully understand the risks involved with investing and as per the generic disclaimer that the value of investments can fall and you may not get back what you initially invested or even lose it. What I want to know is whether or not the investments offered are protected in case of Dozens insolvency? For example if you invest through Vanguard or HL directly then as far as I can tell if the companies went bust your investment would be protected under FSCS. It clearly states in the FAQ that Dozens investments are not covered by FSCS yet Vanguard Lifestrategy is covered if you invest with them directly or at least that is what it says on the website (see below). Any clarification would be much appreciated. Thanks guys
The process is a bit complicated.
The short answer is that, whether Vanguard or dozens, the administrator ordinarily will be able to return your shares to you (or, more likely, move your account to a new provider of some kind).
If there’s been some spectacular fraud and the investment assets are gone, you would have a claim against the firm itself up to the FSCS limit.
Here’s a rundown
Of course, the FSCS protection is the only cover you get for cash, eg in Grow or a cash management account
Very useful thanks Gaoler. I have found the following answers below on the website, it is the first one that caught my attention. The second under ‘is my money safe with Dozens’ is not very clear in terms of answering the question.
I think you’re right. This answer, while technically correct, is likely to confuse a lot of people.
It does sound a bit like “if dozens goes bust, your investment will disappear too”. It doesn’t even explain what will happen if dozens can’t meet its obligations - that’s probably the most essential bit, if you’re going to reassure customers!
Hey guys and @robert, I’m am looking for a bit of clarity regarding the app invest section. I invested £1000 in a Dozens investment strategy a couple of days ago and the invest section looked correct, £1000 invested, 0% gain as the investment is new. All good! However today I’ve logged in and it says gain/loss -£1000. This is obviously some kind of error in app but somewhat disconcerting none the less. I have raised a call with customer support but have not received a reply yet. Had anybody else had similar issues? Thanks for your help. Please see below,
First of all, don’t worry! I’m sure this is just a data issue
Right now, the team is in meetings for planning 2021 so I’m not sure who is actioning the necessary investments and updates, but I’ll find out. It could be a delay in making the investment. Did you get a confirmation via email?
It is worth closing and reloading the app to get the latest info.
I’ll chase the team and hopefully know more tomorrow
Hi @robert, thank you for looking into this. Yes I received the email saying that my investment has been actioned. I will try and close the app, reinstall etc. and see if it changes. Il let you know if I get a reply from the Dozens team over the next day or so. Thanks again and have a good evening