All UK-regulated current or savings accounts and cash ISAs in banks, building societies and credit unions are covered by the Financial Services Compensation Scheme (FSCS). This limit was set back in 2010. of the first £2,000, per eligible person per firm, then, Small business, limited companies, charities, If the firm/adviser failed after 1 Apr 2019, If it failed between 3 Jul 2015 - 7 October 2020, situations where you may be able to claim compensation if an insurance broker/financial adviser helped you buy your policy. Note, the word you’re looking for is authorised by the FCA. For more information visit www.fscs.org.uk. Yes. The UK regulators, the Financial Conduct Authority and the Prudential Regulation Authority, set the financial compensation limits and compensation rules. An eligible depositor is entitled to claim up to £85,000. Email: claims@fscs.org.uk More information: www.fscs.org.uk Additional Information 1 Scheme responsible for the protection of your eligible deposit Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. Up until January 2016, the system offered 100% cover on savings up to £85,000. Discover how we can help you. up to £170,000 for joint accounts. The Financial Services Compensation Scheme (FSCS) protects customers from losing some of their cash if authorised financial services firms go bust. The FSCS was set up to assist private individuals but some small businesses and limited companies with low turnovers are covered. Your eligible deposits with Skipton Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. For Savings products, such as the Cash LISA or Notice Accounts, your funds are protected by the bank holding your money. It … In the period from 2006 to 2011 the financial crisis resulted in compensation of over 26 billion pounds being paid out by the FSCS. If you have a Self Invested Personal Pension (SIPP), and an underlying product within it such as investments, insurance or deposits fails, you may also be able to claim compensation from the FSCS. In 2008 the FSCS was given a loan by the Bank of England in order to be able to guarantee the deposits of customers of Bradford & Bingley. The FSCS is the UK's compensation fund of last resort for customers of authorised financial services firms. It is funded by the financial services industry as a whole, in the form of a levy paid by each UK authorised financial services firm. Financial institutions that are covered by the FSCS include regulated UK banks, building societies and credit unions. Our members’ funds are kept in a protected Safeguarding account, meaning that they can never be loaned out to other customers and, as such, are not exposed to risk. You can easily see how much of your money is protected by using our protection checker. They are funded by those same institutions in the form of an annual levy, something that is required from any firm wishing to become authorised. It follows on from the disclosure requirements and uses icons of protection to engage with the consumers and highlight the safety FSCS provides to savings and deposits. The Financial Services Compensation Scheme. COMP 4.2.1 R 01/04/2018. Set-up by parliament and funded by the financial services industry, FSCS is a completely independent and free service, protecting you when financial firms fail. The Financial Services Compensation Scheme (FSCS) was set up to protect customers' money if banks fail. Whilst the FSCS was primarily set up to assist private individuals, small to large businesses, including charities and small local authorities (such as parish councils), are also covered up to the deposit limit of £85,000. You don’t need to do anything – FSCS will compensate you automatically. You can check your broker or fund manager using the FCA’s search engine. FSCS is committed to ensuring the security of your personal information and to giving you control over how your data is used. If you bought your insurance policy through an insurance broker or financial adviser that’s failed, the kind of insurance you have will affect how much compensation you could claim. This action followed the introduction of new Financial Services Authority (FSA) rules obliging deposit takers to display information about FSCS protection available to consumers. By using the FSCS website, you consent to the use of cookies in accordance with our cookie policy. Claims arising from the death or incapacity of the policyholder due to injury, sickness or infirmity. Investors are likely to be covered by the provisions of the Financial Services Compensation Scheme (FSCS), if Hargreaves Lansdown ceases trading. You would claim against the firm that advised you to take out the policy, not the firm you had the policy with. We are covered by the Financial Services Compensation Scheme (FSCS). On 14 January 2013 FSCS launched a consumer awareness programme, aiming to reassure consumers and boost confidence, thereby aiding financial stability. FSCS is committed to ensuring the security of your personal information and to giving you control over how your data is used. The FSCS protects customers of firms authorised by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), where the firm is unable to satisfy a claim against them in respect of a regulated activity. The Financial Services Compensation Scheme (FSCS) was created to protect your money if your financial services provider is no longer able to meet it’s financial obligations. In the event of Zopa failing, the FSCS will compensate you if we are unable to pay back your money. We are covered by the Financial Services Compensation Scheme (FSCS). This protection only applies when a provider fails and cannot return your money to you. You may be entitled to compensation from the Scheme if we are unable to meet our financial obligations to you. FSCS cover is not available to policyholders with claims against firms that do not have the relevant UK or EEA passport authorisation to bring them within the scope of FSCS cover. The FSCS covers companies that have been authorised by the UK regulators, the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA). guarantee scheme. If deposits or savings are in a joint account the total of FSCS protection doubles to £170,000. FSCS makes recoveries for the benefit of its levypayers or compensated claimants. We protect certain qualifying temporary high balances up to £1 million for up to twelve months from when the amount was first deposited. 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