As Plum is not a bank, we don't hold money from your SIPP ourselves. Instead, money invested with Plum in SIPP accounts goes through Quai (our investment partner for the SIPP service) and is then invested into the fund of your choice by the manager of each fund.
According to FSCS, your money is protected as long as the investment company that provides the service is fully regulated by the FCA. In our case, the investment company is Quai, which provides all of our pension products and is fully regulated by the FCA (FRN: 922590). This makes the SIPP accounts eligible for FSCS protection for up to £85,000 per person.
Keep in mind that money held in SIPP is considered to be an investment. This means that FSCS can cover losses due to failure or any fraudulent activity of Quai or the managers of the investment funds. However, FSCS would not cover a loss that comes from the market conditions.
FCA Registers
For your convenience, you can find below the FCA registers for all the companies that are involved with the money of your SIPP. This includes Plum, Quai, and the fund managers.