Financial Services Compensation Scheme

 

The FSCS is the compensation fund of last resort for customers of authorised financial services firms. If a firm becomes insolvent or ceases trading we may be able to pay compensation to its customers.

 

 

The Financial Services Compensation Scheme is a "statutory fund of last resort" in the United Kingdom, set up under the Financial Services and Markets Act 2000 to compensate customers of "authorised financial services firms" in the event of their insolvency. It consolidated previous compensation schemes into one combined scheme. The scheme covers deposits, insurance policies, insurance brokering, investments, mortgages and mortgage arrangement.
 

 

Compensation limits

  Percentages Maximum Compensation
Deposit insurance 100% of the first £50,000 per person per firm

(for claims against firms declared in default from 7 October 2008).

£50,000
Investments 100% of the first £50,000 per person per firm

(for claims against firms declared in default from 1 January 2010).

£50,000
Mortgage advice and arranging 100% of the first £50,000 per person per firm

(for claims against firms declared in default from 1 January 2010).

£50,000
Insurance Business

(e.g. pensions, life assurance, home and travel)

90% of the claim with no upper limit. Compulsory insurance is protected in full. Unlimited
General insurance advice and arranging

(for business conducted on or after 14 January 2005).

90% of the claim with no upper limit. Compulsory insurance is protected in full. Unlimited

 

The limit for bank based deposits will increase to 100,000 euros with effect from January 2011
 

External links

  • Website: Financial Services Compensation Scheme http://www.fscs.org.uk/
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