Who is covered by FSCS?

Who is covered by FSCS?

FSCS protects your money up to £85,000 for all banks, building societies and credit unions that are authorised by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Eligibility criteria apply, but we generally protect individuals and most businesses.

Which UK banks are covered by the FSCS?

Bank of Scotland, Aviva, Halifax, Intelligent Finance, Birmingham Midshires (BM Savings), AA (for accounts opened before 2 September 2015), Saga, Capital Bank, St James’s Place Bank. Barclays, Standard Life Cash Savings, The Woolwich. Citibank. Clydesdale Bank, Yorkshire Bank, Virgin Money.

What the FSCS do?

What is FSCS? FSCS exists to protect customers of financial services firms that have failed. If the company you’ve been dealing with has failed and can’t pay claims against it, we can step in to pay compensation.

Is my money protected by FSCS?

We protect certain qualifying temporary high balances up to £1 million for 6 months from when the amount was first deposited. You don’t need to do anything – FSCS will compensate you automatically. You can easily see how much of your money is protected by using our bank & savings protection checker.

Does FSCS cover non UK residents?

FSCS does not have any residency requirements for making an investment claim. For customers of a UK branch or establishment of a UK authorised investment firm, if you were FSCS-protected prior to 31 December 2020, you will continue to be FSCS protected after this date.

Which UK banks are linked?

Linked Banks and Creditors

• Allied Irish Bank. First Trust Bank (NI)
• Bank of Ireland. Post Office.
• Bank of Scotland. Birmingham Midshires.
• Barclays Bank. Barclaycard.
• Co-Operative Bank. Britannia.
• Family Building Society. National Counties Building Society.
• HSBC. First Direct.
• Nationwide Building Society. Cheshire Building Society.

How much money can you have in a current account UK?

In the UK, your savings are only protected up to £85,000 per banking group, not bank. If you exceed this limit in your current account, you face losing out if your bank collapses, essentially because you’re not insured.

How long is FSCS?

How long would it take to get my money back? In most cases, for deposits, FSCS aims to pay compensation within seven days of a bank, building society or credit union failing. We will pay any remaining deposit claims, which are likely to be more complex, within 15 working days.

Why was the FSCS set up?

The Financial Services Compensation Scheme (FSCS) was set up to protect customers’ money if banks fail. Here, we explain how the scheme works, and how you splitting money between providers can protect more of your cash.

What is the FSCS limit?

£85,000
FSCS protects you up to £85,000 in total across all accounts you hold within the bank/banking group. If you’re a sole trader, your company is not treated as a separate entity. That means FSCS can protect up to £85,000 in total across all personal and business accounts you hold with the bank.