As a customer of Wahed I was worried when I read your post, as I am sure that I checked this when I first opened an account a couple of years ago. I carried out further research -
- WealthKernel appear on the FSA website with two different registration numbers (723719) and (918171). The first of these appears to be a custodian of funds and the second a payment processor. Reading through the custodian of funds entry on the FSA website, it says
“This firm must protect the money it holds and/or controls on behalf of customers. It cannot lend this money or use it to finance its own business.”
However, Wahed does not make it absolutely clear (with reference number) in what capacity WealthKernel is working for them.
Looking at the FSA website Wahed are registered under Firm Reference Number 833225
However, they do not appear on the FSCS website for some reason.
On the Wahed UK website if you scroll down there is a link right at the bottom that says Client Prospectus. If you download this, it says deposits are FSCS protected. I would keep a copy of this for your records, if you decide to invest.
If I was in a position to deposit significant amount of cash I would always spread this between different companies and leave some scope for investments to grow and still be under the FSCS protection limits.
However, this still leaves the question of why Wahed do not appear on the FSCS website. Is it an issue with the FSCS website itself or is it something else? Also what is the relationship between WealthKernal and Wahed (custodian or payment processor)? I think additional research is required. Anyone else got any ideas?