3 min read

Legal details for Chip Investments | Chip Investments FAQ

Published on
August 8, 2022
Author
Tom
VP of Marketing
Join our newsletter
Sign up to hear exclusive news and product updates.
By subscribing you agree to with our Privacy Policy
Thanks! You're added to the list.
Oops! Something went wrong while submitting the form.

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 platform, 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 Custody 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 Platform, 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.

Seccl Custody Limited is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 793200. 

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

Seccl Custody Limited is registered in England and Wales at 20 Manvers St, Bath, BA1 1JW (Number: 10430958). 


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., 7 Bell Yard, London, WC2A 2JR.

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 Investment Management Limited 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

£0.00/28days
Basic
Tax wrappers: General Investment Account
Build your long-term wealth, free of charge. For those who want great savings accounts, and access to basic investment funds.
Access to leading saving accounts
General Investment Account with a selection of funds
FTSE 100, S&P 500 and BlackRock Mixed Investment Funds (annual platform fee of 0.5%)
Investment Funds managed by BlackRock (annual platform fee of 0.5%)
Prize Savings Account 
Save without feeling it with our award winning AI-powered automatic saving (45p per autosave)
Build wealth yourself and program recurring saves into any account in our new Savings Plans (25p per save)
2 free withdrawals per month
Get started
£4.99/28days
ChipX
Either £4.99 every 28 days (paid annually at £65.05) or £5.99 every 28 days (paid monthly)
Tax wrappers: General Investment Account, Stocks & Shares ISA
One of the most comprehensive wealth management tools on the market. Adds full access to our range of investment funds, with no platform fees in either a GIA or ISA, as well as exclusive access to our Alternative Assets platform.
Zero platform fees
Zero trading fees
Zero withdrawal fees
Additional entries into our Prize Savings Account (TBC)
Stocks & Shares ISA
General investment account with a selection of funds
Access to leading saving accounts
All the investment funds from the basic plan plus: Ethical funds, Commodity funds, thematic funds, Crypto Companies Fund and BlackRock actively managed funds
Unlimited free usage of our AI-powered autosaving and recurring saves
Unlimited withdrawals
Unlimited access to Alternative Assets like whisky, wine and classic car investing
Get started
£9.99/28days
Chip Wealth
Tax wrappers: General Investment Account, Stocks & Shares ISA, Junior ISA
Build your long-term wealth, at every stage of your life. Access to everything from the previous tiers, we will be looking to add JISAs, managed portfolios and more in the future.
Everything from previous tiers +
More complex investment products, more tax wrappers, managed portfolios, Income Funds and much more
Early access to Alternative Assets like whisky, wine and classic car investing.
For these plans we’ll be working closely with our communities to iron out the details. Get involved in the discussion on the community forum here
The ChipX savings account
Coming 2023
£TBC
Chip Private Banking
Tax wrappers: Everything from the previous tiers
We’re building an invitation-only Private Banking experience. Supercharge your experience with professional account managers, wealth coaching services, and elite rewards programs for our most exclusive tier.
Everything from previous tiers +
Access to an account manager who helps you get the most out of your accounts
Full, unlimited and premier access to every product, tax wrapper and feature Chip offers
Access to exclusive events and talks with high profile investment experts
Metal membership card that unlocks airport lounges, queue jumps at every UK airport, free Uber upgrades… and much more
Coming 2023