Are my funds deposited with Phillip Securities Pte Ltd for CFD trading secured?
Phillip Securities keeps clients’ funds in a trust account, which are not commingled with its own house funds. This is in accordance with section 104 of the Securities and Futures Act (‘SFA”) which requires that a CMS licence holder handle clients’ moneys and assets in line with regulations prescribed by the MAS. In addition, section 104A of the SFA provides that clients’ moneys and assets cannot be used for payment of the CMS licence holder’s debts.Did you find this question helpful? Please rate this answer: Page Views: 537