Liam
Product Designer

Legal details for Chip Investments

Everything you need to know about how we're regulated, who looks after your money and what you can do if something goes wrong.

How is Chip regulated for investments? 

For our investment product Chip is an Appointed Representative of P1 Investment Management Ltd, which is authorised and regulated by the Financial Conduct Authority, under Firm Reference Number 752005.

Where is the money held?

Seccl Technology Limited acts as the custodian for the money held in an ISA or GIA with Chip. 

We use them to provide the behind the scenes technology that powers our investment accounts, and Seccl is responsible for holding your cash and investments. However, you won’t need to liaise with them, and Chip’s support team can handle all your queries. You don’t pay any fees to Seccl.

They are regulated by the Financial Conduct Authority (see below for the details). They are part of the Octopus group, a family of companies who specialise in delivering innovative technology to UK financial businesses. 

You can read more about them here: https://seccl.tech/ 

Seccl Technology Limited is registered in England and Wales at 20 Manvers St, Bath, BA1 1JW (Number: 10237930). Seccl Custody Limited, a wholly owned subsidiary of Seccl Technology Limited, is registered in England and Wales (Number: 10430958), and authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 793200).

How do I close my investment account?

If you wish to close your account, you simply need to sell all the fund units you have, the money will arrive back in your linked bank account within 3-5 working days. Please note, we can’t close your account if there is still money in there, so make sure you don’t make any additional investments.

Then, head into your profile tab, where you will find “delete account” and you can follow the steps from there. 

If you simply wish to close your investment account with us, you can contact our customer support team 7 days a week using your in-app live chat. Or email us at hello@getchip.uk

Please note fully closing your account and returning all your money can take up 7-10 working days in total. 

How do I make a complaint?

We recognise that things can go wrong. We want to learn from our mistakes and improve your experience whenever possible. 

If you want to raise a formal complaint with us, you can do this either through email (at hello@getchip.uk), by post, or using Chip's live-chat (this can be found under the profile tab in the app).

Our postal address is: Chip Financial Ltd., Chancery House, 64 Chancery Lane, WC2A 1QU.

You can find more details about our complaints process here: www.getchip.uk/complaints 

Am I covered by the financial services compensation scheme (FSCS) when investing through Chip? 

If you are eligible, you could make a claim for up to £85,000 by the Financial Services Compensation Scheme (FSCS) under their Investment Scheme. 

This means that in the event P1 or Chip Financial Ltd is declared to be in default and cannot meet our obligations, you may be able to claim compensation.

It’s important to understand that the FSCS doesn’t cover you in the event that your investments go down and you get back less than what you put in. 

Further information is available from the FSCS website (www.fscs.org.uk).

Read more about investments

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