40:
154:
for customers of UK authorised financial services firms. This means it can step in to pay compensation if a firm is unable, or likely to be unable, to pay claims against it. Compensation can be in any form and by any method it determines is appropriate. It is an operationally independent body, set up
192:
The FSCS came into existence in 2001 and replaced former multiple schemes. Between 2001 and 2006 the scheme paid out close to 1 billion pounds in compensation. In the period from 2006 to 2011 the financial crisis resulted in compensation of over 26 billion pounds being paid out by the FSCS. In 2008
212:
On 14 January 2013 FSCS launched a consumer awareness programme, aiming to reassure consumers and boost confidence, thereby aiding financial stability. It follows on from the disclosure requirements and uses icons of protection to engage with the consumers and highlight the safety FSCS provides to
237:
The FSCS protects UK authorised banks, building societies and credit unions up to £85,000 per depositor in the event of their insolvency. If deposits or savings are in a joint account the total of FSCS protection doubles to £170,000. FSCS protection for deposits is free and automatic. If anything
209:(FSA) rules obliging deposit takers to display information about FSCS protection available to consumers. The UK branches of foreign banks from the European Economic Area (EEA) have to specify that their customers are not covered by FSCS and clearly state which national scheme provides protection.
204:
On 31 August 2012 UK authorised banks, building societies and credit unions were required to display information about FSCS protection in branch and online, this included posters and window stickers. This action followed the introduction of new
238:
happens to your bank, building society or credit union, FSCS will automatically pay you compensation. In the vast majority of cases savings are refunded in less than 7 days.
201:. The compensation limits were last revised in 2010 to bring them into line with the EU (and EEA) deposit guarantee requirements under the European Union directive 94/19/E.
698:
754:
678:
173:
FSCS is free for consumers to use and, since 2001, has helped more than 4.5 million people and paid out more than £26 billion. Since 31 December 2010, maintaining a
184:
There is currently a review on whether to increase insurance coverage from the current 90% to 100%, in order to align it with the rest of the protection regime.
759:
642:
769:
222:
494:
170:, insurance, debt management, funeral plans, insurance, investments, pensions, mortgages and payment protection insurance to varying amounts.
17:
166:(FCA) and are contained in its handbook. The FSCS board of directors is appointed by and ultimately accountable to the FCA. It covers
469:
156:
702:
682:
444:
774:
574:
520:
241:
From 3 July 2015 some types of temporary high balances of up to £1,000,000 are protected for up to six months.
560:
206:
646:
764:
226:
163:
498:
151:
103:
47:
394:
198:
174:
662:
8:
730:
430:
779:
342:
362:(e.g. Whole of life assurance, Term life insurance and/or critical illness insurance)
643:"FSCS - Consumer home page - What we cover - Eligibility rules - Compensation Limits"
278:
262:
167:
358:
326:
310:
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622:
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90% of the claim with no upper limit. Compulsory insurance is protected in full.
318:
90% of the claim with no upper limit. Compulsory insurance is protected in full.
194:
178:
76:
39:
748:
229:. FSCS's costs are made up of management expenses and compensation payments.
561:"Solicitors Ennis | Personal Injury Solicitors | Solicitors Clare"
546:
418:
739:
599:
349:(for claims against firms declared in default on or after 29 July 2022)
524:
301:(for claims against firms declared in default from 1 January 2010).
232:
663:"FSCS - Consumer home page - What we cover - Questions and Answers"
626:
395:"Form and Method of Compensation - Prudential Regulation Authority"
269:(for claims against firms declared in default from 30 January 2017)
470:"Your money is safe, FSCS tells Bradford & Bingley depositors"
285:(for claims against firms declared in default from 1 April 2019).
88:
197:
in order to be able to guarantee the deposits of customers of
159:
and funded by a levy on authorised financial services firms.
547:"How the FSCS is Funded - Funding Model - Levy Scheme -FSCS"
181:
banks and other deposit takers due to rules it introduced.
347:
100% of the first £85,000 per person per authorised firm
127:
267:
100% of the first £85,000 per person per authorised firm
221:
The FSCS is funded by levies on firms authorised by the
699:"New protection from today for temporary high balances"
725:
330:(for business conducted on or after 14 January 2005).
679:"New deposit protection limit coming on 1 January"
431:"Deposit Guarantee Scheme - Customer Review -FSCS"
314:(e.g. pensions, life assurance, home and travel)
233:Bank, building society or credit union insolvency
115:Martyn Beauchamp, Interim Chief Executive Officer
755:Financial services companies established in 2001
746:
299:100% of the first £50,000 per person per firm
283:100% of the first £85,000 per person per firm
740:Financial Services Compensation Scheme videos
495:"New deposit guarantee limit to be £85,00 0"
760:Financial regulation in the United Kingdom
579:Financial Services Compensation Scheme Ltd
38:
770:Consumer protection in the United Kingdom
497:. FSCS. 17 December 2010. Archived from
733:Financial Services and Markets Act 2000
157:Financial Services and Markets Act 2000
14:
747:
726:Financial Services Compensation Scheme
366:100% of the claim with no upper limit
327:General insurance advice and arranging
244:
162:The rules of the FSCS are made by the
144:Financial Services Compensation Scheme
33:Financial Services Compensation Scheme
445:"Annual Report and Accounts 2011/12"
24:
623:"What if Northern Rock goes bust?"
25:
791:
719:
193:the FSCS was given a loan by the
592:
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223:Prudential Regulation Authority
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86:15 St Botolph Street, EC3A 7QU
13:
1:
521:"About the FSCS - FSCS -FSCS"
375:
295:Mortgage advice and arranging
18:Investors Compensation Scheme
380:
207:Financial Services Authority
7:
600:"Compensation limits -FSCS"
227:Financial Conduct Authority
164:Financial Conduct Authority
60:; 23 years ago
10:
796:
614:
216:
187:
575:"Temporary high balances"
475:. FSCS. 29 September 2008
177:has become mandatory for
122:
112:Marshall Bailey, Chairman
102:
94:
82:
72:
54:
46:
37:
150:) is the UK's statutory
104:Deposit Guarantee Scheme
48:Deposit Guarantee Scheme
775:Employment compensation
735:setting out the scheme
701:. FSCS. Archived from
681:. FSCS. Archived from
645:. FSCS. Archived from
213:savings and deposits.
199:Bradford & Bingley
399:www.prarulebook.co.uk
257:Maximum Compensation
175:single customer view
27:UK government agency
731:The section of the
649:on 15 February 2010
629:. 14 September 2007
501:on 4 September 2012
359:Long-term insurance
245:Compensation limits
152:compensation scheme
34:
765:2001 introductions
527:on 18 January 2013
311:Insurance Business
32:
373:
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16:(Redirected from
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685:on 11 March 2016
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523:. Archived from
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98:£99.8m (2023/24)
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604:www.fscs.org.uk
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720:External links
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705:on 9 July 2015
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419:"FCA Handbook"
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77:United Kingdom
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343:Funeral plans
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95:Annual budget
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36:
30:
19:
732:
707:. Retrieved
703:the original
687:. Retrieved
683:the original
667:. Retrieved
651:. Retrieved
647:the original
633:15 September
631:. Retrieved
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582:. Retrieved
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529:. Retrieved
525:the original
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503:. Retrieved
499:the original
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402:. Retrieved
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254:Percentages
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83:Headquarters
73:Jurisdiction
29:
669:13 February
653:13 February
584:29 December
279:Investments
749:Categories
531:18 January
404:7 December
376:References
369:Unlimited
337:Unlimited
321:Unlimited
155:under the
106:executives
780:Data laws
381:Citations
627:BBC News
353:£85,000
305:£50,000
289:£85,000
273:£85,000
263:Deposits
225:and the
168:deposits
50:overview
615:Sources
505:14 July
479:14 July
454:14 July
217:Funding
188:History
123:Website
63: (
709:3 July
689:3 July
665:. FSCS
450:. FSCS
89:London
55:Formed
473:(PDF)
448:(PDF)
130:.fscs
711:2015
691:2015
671:2010
655:2010
635:2007
586:2023
533:2013
507:2012
481:2012
456:2012
406:2023
148:FSCS
142:The
132:.org
65:2001
58:2001
134:.uk
128:www
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146:(
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
